Full text of Commercial and Financial Chronicle : June 17, 1911, Vol. 92, No. 2399

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IN C L U D IN G

Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section
VOL. 92.

SATURDAY, JUNE 17 1911._________________ NO. 2399.

©Itfcrnicle.

Clearings at—

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OR ICAGO O F F IC E — Pliny Bartlett,513 Monadnock Block: Tel. HarrUon 4012
CONDON O FFIC E —Edwards & Smith, 1 Drapers’ Gardens, E. C.
W I X I .I A I T I i : . D A N A C O M P A N Y , P u b l i s h e r s ,
P. O. B ox 0 5 8 .
F r o n t , P in o unci D e p e y e t e r S t s .,
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Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr.. President and Trcas.; George S. Dana and Arnold Q. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all. Office of the Company
C L E A R IN G -H O U S E R E T U R N S .
The following table, made up by telegraph, & c., indicates that the total
bank clearings of all clearing houses of the United States for week ending
June 17 have been 53,148,252,223, against $3,245,364,543 last week and
$2,077,065,480 the corresponding week last year.
Per
Cent.

Clearings—Returns by Telegraph.
Week ending June 17.

1911.

1910.

New Y o r k ...... ................. ....... ......... —
B oston........................................... ......
Philadelphia ................ - ......................
Baltimore........ ..................................... .
•Chicago.............. ......... ...........................
St. L ouis.............. .......... ......... ...........
New Orleans...... ....................................

SI,524,429,659
144,499,747
122,939,178
27,362,599
232,545,079
64,475,650
13,515,413

$1,440,198,021
126,296,949
121,039,205
24,864,590
231,743,932
63,427(693
13,638,805

+ 5.8
+ 14.4
+ 1.6
+ 10.0
+ 0.3
+ 1.7
—0.9

Seven cities. 5 days...........................
Other cities, 5 d a ys--............................

$2,129,767,325
488,073,681

3,2021,209,195
476,018,943

+ 5.4
-f-2.5

Total all cities, 5 days...... .................
All cities, 1 day.......................................

$2,617,841,006
530,411,217

$2,497,228,138
479,837,348

+ 4.8
■+■10.6

Total all cities for week......................

S3.148.252.223

SO 077 OfiR 43ft

J- 5 8

The full details for the week covered by the aoove will be given next Sat­
urday. W c cannot furnish them to-day. clearings being made up by th.
clearing houses at noon on Saturday, and hence in the a bove the last day of
the week has to be In all cases estimated, as we go to press Friday night.
W e present below detailed figures for the week ending with Saturday,
•noon, June 10, for four years.
Week endin’] June 10.
Clearings at—
1911.

Lancaster..........

1910.

S
S
1,919,220,624 2,074,449,420
163,565,116 157,002,163
51,068.147
49,081,893
28,471,497
34,154,528
9,891,138
9,335,428
8,084,038
8,156,149
0,528,168
5,811.281
4,108,169
5,700.241
2,751,458
2,622,305
2,309,644
2,429,208
1,807,426
1,531,179
1,628,986
1.535,169
1,483,151
1,630.638
1,508,690
1,456.469
1,550,000
1,575.225
1,250,000
1,319,371
921,533
994,017
834.702
900,205
613,320
560,170
549,700
510,994
558,200
499,300
427,252
454.350
250.000
338.537
1,155.146
1.123,273

Inc. or
Dec.

1909.

1908.

S
$
%
—6.0 2.323,856,393 1,158.450,353
+ 4.2
132,480,881 103.357,063
—5.0
38,657.643
45,306,840
27,271,508
23,181.203
+20.0
+ 0.0
8,500,755
7,747,050
5,901,460
6,774,835
+ 6.5
— 11.0
5,691,049
5,268,415
2,794,443
+38.7
3,992,013
2,194,582
—4.7
2,344,630
1,582,504
+5.2
1,968,849
1,292,952
— 15.3
1,723,060
1,048,662
—5.7
1,451,526
—9.4
1,397.736
1,411,151
+ 7.7
1,123,855
1,376,548
1,247,804
— 1.6
1,365,261
1,186,634
—5.2
1.084.530
795,449
924,334
—7.3
656,121
—7.3
649,131
557,836
605,167
+ 9.5
406,112
554.788
+ 7.6
458,600
465,900
+ 11.8
379,915
—6.0
389,105
293,746
—26.2
278,789
+ 2.9
..............
..............
—4.8 2,570,525,803 1,359,987,438
+ 5.0 158,885,136 132,629,711
6,313,000
7,452,400
+ 6.1
3,108,477
+27.4
3,530,011
2,248,961
—6.2
2,890,883
1,732,000
+79.2
2,312,000
1,692,894
— 1.6
1,697,899
1,407,052
—5.7
1,677,603
+ 10.C
976,323
1,068,113
—0.1
738,595
976,46a
+ 6.C
446,397
523,54C
—2.7
498,035
502,785

Total Middle.. 2,245,391.414 2,359,585.240
157,443,599 149.902.468
7,062,700
7.495.000
3,935,123
5,016,601
2,937,557
2,751,327
2,146,715
3,847,590
1.924,073
1,893,910
2,278,110
2,149,680
1,116,618
1,238,801
Fall River..........
986,378
985,177
596,991
633.021
555,979
540,756
Lowell_________
Br1
+ 0.1 178.529,355 151,790,545
183,998,462 173,442.742
Total New Eng
Note.—For Canadian clearings see “ Commercial and Miscellaneous News.”




Week ending June 10.

—
1911.

PUBLISHED WEEKLY.

Buffalo................
W ashington----Albany...... .........
Rochester_____
Scranton - - ........
Syracuse..............
Wheeling ..........
Trenton ............
Reading-----------Wilkes-Barre _..
Wilmington........
Harrisburg------Y o r k ------- -------E rie ....................
Grcensburg........
Chester - ............
Binghamton-----

Electric Railway Section
State and City Section

1910.

Inc. or
) Dec.

1909.

1908.

$
S
%
S
S
+ 0.9 273,276,322 216,488,707
264,879.649 262,516,833
26,074,600
+ 1.0
21,842,500
22.746,900
22,948.950
Cincinnati..........
15,205,698
+ 8.3
13,515,693
17,829,111
Cleveland_____
19.314,957
14,218,079
14,117,829
16,935,338 + 14.0
Detroit-.......... .
19,308.047
11,094,272
10,650,163
+ 6.9
11,801,583
Milwaukee_____
12.614,749
8,225,984
7.339,221
9,214,601 — 14.1
Indianapolis___
7,911.393
5,440,900
6,099,200
—0.5
5.627,500
5,658,800
Columbus_____
3,338,346
3,504,823
T oledo................
+0.7
4.340,086
4,307,885
2,227,112
—3.4
P eoria_________
2,533,110
2.855,363
2,955,505
— 1.2
Grand Rapids__
2,576,444
2,607,911
2.503,423
1,951.197
1,657,663
D a y ton ........ .....
2.374.871
2,443,214
—2.8
2,253,938
2,253.822
Evansville ____
2.021.748 + 11.5
1,795,487
1,871.917
+ 1.6
727,550
501,009
715,890
740,205
Kalamazoo____
1,289,226 — 17.9
1.013,768
881.980
1,059,659
Springfield, III-_
920,656
993,811
1,047,066
935,540 + 11.9
Fort Wayne___
+ 6.6
908.C37
1,049,724
606,128
1,218,132
Youngstown___
776,130
511,523
680.472 + 31.2
' 892,838
Lexington..........
644,291
786,396 — 7.8
662,425
725,000
635,000
550,000
1,312,000
881,000 + 48.9
566,199
443,580
1,000,000 —2.6
973,684
439,132
522,351
700,000 — 1.2
691,817
496,420
471,924
578,427 + 16.4
674,189
Bloomington----496.208
456.847
585,394 + 13.2
661.245
South Bend........
378,061
+
10.9
481,336
515,469
571,647
Springfield. O __
621,562
599,455 — .1
575,000
446.650
470,879
426,198 + 11.1
473.709
330,000
300,000
455,811 — 10.1
410.000
389,358
—2.3
310.015
423,357
413,788
325,382
+ 6.2
370,723
426,260
452,909
276,543
250,000
295,642 + 20.0
354,615
L im a __________
240.336
203,261
247,533 —34.4
162,064
208,079
167,021
— 1.8
194,826
198,371
41,245
41.912
67,200
23,000 + 192.2
Adrian ..............
338.75J Not Included In total
Lansing_______
+ 1.8 376,765.294 309,451,479
Tot. Mid. West 380,664,769 373,852.653
31.527,794
+ 3.5
36,746,689
42,823,452
44,323,706
San Francisco__
10,144,620
13,576,458
15,495,571 + 11.6
17,290,875
Los Angeles____
—3.2
8,640,243
11,071,994
11,807,310
10,718,266
Seattle ________
3,790,296
3,010,395
5,019,295 — 14.5
4,291,265
Spokane..............
6,005,840
+ 2.8
7,550.451
9,395,074
9,661.258
Portland............
6,333,214
5,570,561
6,911,573 — 17.3
5:715,891
Salt Lake C ity..
5,986,731
4,029,605
5,447,690 —24.2
4,129,150
1.967.576
1.456,949
2.991,674 + 10.0
3,290,775
Oakland..............
+ 5.2
836,614
1,219,278
1,389.445
1,461,493
+ 5.0
1,117,000
810,000
1,350,000
1,417.500
San Diego..........
+ 1.8
800,000
814,205
’616,930
442,701
704,510 —0.6
700,000
516,151
492,494
783,444
643,462 +21.8
440,770
452,000
+ 6.1
457,983
485,850
San Jose..............
431,562
288,133
555,063 — 13.4
480,650
North Yakima..
75,277,782
91,267,485
+ 0.5
Total Pacific.. 105,564,328 105,057,566
44,260,634
26,640,970
+
4.3
45,265,354
47,206,867
Kansas City___
16,282,887
16,399,696
+ 2.1
19,076,835
18,677,639
Minneapolis____
15,289,204
10,899,951
14.743,141
15,420,422 — 4.4
Omaha.......... .....
8,557.692
7,547,558
+ 1.8
9,708,752
9.884,068
St. Paul........ . .
7.851.431
—6.2
8,678,070
9,614,392
9,020,555
5,548,882
4,637,706
7.459,605
6,6.53,910 + 12.1
St. Joseph-------- '
—8.2
2,891,060
3,504,858
3,658,812
3,985,070
Des Moines........
1,956,144
3,276,043
3,129,495 — 17.6
2,580,457
2.599,634
1,619,623
2,819,424 + 16.9
3,294,115
W ichita........ .
—2.5
2,714,197
3.039,658
2,963,179
1,488,630
1,294,215
1,744,856 — 10.4
1,563,357
1.285,694
1,047.424
1,296,243 +38.9
1,800,099
1.105,322
859,350
—7.1
1,443,191
1,340,667
887,994
610,708
1,186,612 + 47.0
1,748,147
692,265
642.S65
785,940 — 18.6
640,284
688,262
535,348
—9.9
997,738
899,304
485,000
065,000
+35.5
950,000
1,287.491
442,736
559,978
534,329 + 21.2
647,522
292,114
398,070
—0.3
380,043
378,870
F rem ont_______
---------- ________
1,300,380 —8.0
1,201,581
Waterloo ..........
940.261
1,077,739
733,103 + 26.4
926,374
Helena ..............
201,302
174,467
222,826 —41.1
131,207
Billings-----------5 GO 731 — 26.9
+4.5
177,000
1851000
Hastings............
87,497,222
+ 1.9 119,852,337
Tot. oth. West. 133,153,941 130,642,108
57.098,939
—0.6
63,474,510
71.561.488
71.117,503
12,818,902
+ 7.7
15,134,887
17,958,635
19,343,642
10,937,211
+ 3.0
12,243,237
11,962,486
12,323,538
8,285,544
—3.3
11,374,559
12.681,996
12,265,708
3,938,157
7,817,097
12,283,926
10,126,671 +21.3
5,164,152
6,923,450
7.153,599 + 10.4
7 +00,000
4,575,887
5,002,408
—8.9
6,108,733
5,567,407
5,322,500
4,931,500
7,900,000
6,007,500 + 17.9
4,517,706
4,341,799
6,771.752
.5,419,982 + 24.9
2,619,034
3,443,957
4,112,060 +34.5
5,529,477
2,964,507
3,133,710
3.824,591 + 19.7
4,577.222
1,805.935
2,524,670
2,822,932 + 14.3
3,226,984
1.489,989
2,004,989
3,195,648
2,606,473 + 22.6
1,800,000
1.758.351
—8.5
2,588,881
2,367,004
881,062
1.800,000
2,250,000 —15.0
1,912,164
1.331,090
1,184,797
—7.1
1.810,45?
1,681,2S(
1,771.086
1,448,716
1,797.712 + 19.7
2,152,234
1,331,588
1,270,384
1,607.600 + 20.2
1,932,761
1,541,622
+ 1.5
1,115,684
1,884.977
1.912,776
1,301,532
1,105,225
1.316.021 +40.4
1 848.694
1.090,602
1,266,742
1.579.170
1,410.115 + 12.0
529,275
1.537,53? + 263.5
627,311
5,588.625
558,924
750,936
826,00( +222.S
2.667,394
286,906
367,436
639.306 ’
527,87.- + 21.1
Wilmington, N.C
556,000
362,000
509.468
510,00(
- 0 .1
223.558
275.000
296,124
— 7.1 •
334,238
226,001
337.44^
290.75( + 16.(
718,544 Not Included In tota
763.959 Not Included In tota
Muskogee..........
+ 8.6 156.210,010 133,696.066
Total Southern 196,591,629! 181,001.195
Total all.......... 3,245.364,543 3.323.581,564 — 2.4 3,493,150,592 2.110,700,532
Outside N. Y . 11,296.143.419 1.249.132,084 1 + 3 .8l 1,169,287,1991 958.250,179

1594

THE CHRONICLE

[VOL. L X X X X I I .

Every one will recall the way this honorable Senator
has been denouncing the tariff duties on manufactured
goods bn cotton, on wool, on steel, &c.—and how on
occasions he has worked himself into a frenzy of wrath
and excitement, holding up to public scorn the “ robber
barons,” who under the tariff were waxing fat at the
expense of the consuming masses. Pie always in­
sisted that there was nothing selfish about his attitude.
He did not ask for a reduction of duties on Eastern
manufactured goods merely for the benefit of the
Western farmer, but in the interests of the entire com­
munity , all of whom, he contended, were being in equal
THE FIN ANCIAL SITUATION.
degree oppressed. Some close observers, however,
With the report this week to the Senate by the Com­
have not failed to notice that though Senator La
mittee on Finance of the bill to promote reciprocal
trade relations with the Dominion of Canada, the reci­ Follette seemed so solicitous regarding the welfare
procity arrangement made early in the year between of the consuming population, he never evinced any
willingness to engage in a crusade against the duties
our Government and that of the Dominion is brought
on
agricultural products, which, at least in recent
measurably near to final adoption. The Senate com­
years,
have operated in no small measure to increase
mittee was divided among itself, and made no recom­
the cost of living.
mendation either favorable or adverse, but there seems
Of course the Wisconsin Senator represents a dis­
to be no doubt about the passage of the bill when it
tinctively
farming community, and could hardly
reaches a vote in the Senate. With such a trade ar­
afford
to
antagonize
his own constituents. But to us
rangement actually in force between the two countries,
it
has
always
seemed
inconsistent that the Western
the effect upon trade conditions in both can hardly
farmers should be so strenuous in their demands for
fail to be highly beneficial. At the moment there are
a reduction in the duties on manufactured goods when
so many influences tending to repress business activity
their own position was so vulnerable by reason of the
in the United States that the whole mercantile com­
inordinate duties on agricultural products. Not only
munity is looking anxiously to Washington for early
was there something highly selfish in such a proceeding,
action on this trade measure, in the expectation that
but it appeared that in the end such a policy must
it will prove a first step in bringing about trade re­
recoil on the farmer himself. The farmer wanted
vival.
lower tariff schedules on manufactures, because he
Not since the panic of 1907 has the country been in
such urgent need of a quickening influence as at the thought the effect would be to reduce the price of these
manufactures, enabling him to buy cheaper. Assum­
present time, and reciprocity with Canada seems likely
ing, however, that he realized his expectation of lower
to furnish such a quickening force. The compact
prices, the next step in the process would inevitably
provides for the free admission into the two countries
be an effort to reduce the cost of labor, and with wages
of grain and many other necessaries of life, and also
lower the operatives would be quick to demand a
for the lowering of duties by both countries on a num­
reduction also in the tariff on the necessaries of life.
ber of articles of manufacture. As a result, the inter­
It is idle to say that the farmer has not been benefited
change of trade and commodities will be very greatly
by the duties on farm products. That may have been
promoted, which is tantamount to saying that there
the case twenty-five or thirty years ago, when popu­
will be an increased flow of trade into each country
lation was still relatively small in relation to the
from the other. Is it asking too much to urge the
volume of the country’s agricultural productions. It
Senate (the House of Representatives having already
is no longer the case to-day, with population enorm­
passed the bill) to be reasonably prompt in advancing
ously increased. The great prosperity which farmers
to passage this measure, which has so much promise
have been enjoying in recent years, and the high level
in it for the mercantile and business world?
of agricultural prices maintained for so long, is testi­
Though the report of the Senate Finance Committee
mony conclusive on this point. Until this last season
on the matter was inconclusive, it served in a striking
grain prices have ruled at such high figures and the
manner to reveal the hollowness of the professions
farmer
has made money with so much ease, that there
of the radical element in the Senate—we mean
has
been
no inducement for him to increase produc­
the so-called “ insurgents.” These insurgents have
tion.
He
had no incentive to raise lj^ or 2 bushels
always posed as the champions of the people, and
where
he
had
previously been raising one bushel.
have preached and talked against the greed and selfish­
In
every
other
branch of human endeavor the pro­
ness of “ special interests.” They have declaimed
against trusts and monopolies, and have charged that ducer has had to increase his output, and produce
the army of consumers throughout the country was more units than before—not merely to maintain pros­
being mulcted for their benefit and aggrandizement. perity but to preserve his existence. The farmer has
The trade proposal with Canada, which marks an im­ not had to exert himself at all, owing to the fact that
portant step towards removing the burdens that have he has been able to get such high prices for his prod­
been resting on the consuming classes, furnished an ucts. The tariff has undoubtedly been responsible
occasion for demonstrating the sincerity of their con­ in large measure for this state of things, for practically
victions. And what do we find? Senator La Follette all the varied products of the soil bear high tariff duties.
of Wisconsin, the prince of radicals, who has been Wheat has on several occasions within recent years
loudest of all in proclaiming his love for the people, sold at -SI 50 per bushel, though upon the other side
files a minority report violently protesting against the of the Canadian border there were millions of bushels
proposed trade arrangement.
that might have come into the United States except
OUR R A IL W A Y EARNINGS ISSUE.
We send to our subscribers to-day the June number
of our “ Railway Earnings” Section. In this publica­
tion we give the figures of earnings and expenses for the
latest month of every operating steam railroad in the
United States, big and little, which is required to file
monthly returns with the Inter-State Commerce Com­
mission at Washington—altogether nearly 900 roads
or systems, comprising an aggregate of about 240,000
miles of line.




June 17 1911.)

THE CHRONICLE

for the prohibitive duty of 25 cents a bushel imposed
by this country upon imports of foreign wheat.
Just think of the position of the Western insurgents
looking complacently upon a tax of 25 cents a bushel
upon the staff of life and at the same time keeping up
an incessant din about the duties upon manufactured
goods. By reason of this duty on wheat the Canadian
producer found it cheaper to send his product 1,500 to
2.000 miles across the Continent and then to ship it
3.000 miles across the ocean to Europe. Sooner or
later the consuming masses were sure to “ get wise,”
and when the farmer himself through his representa­
tives in Congress led in the attacks on the protective
tariff system, he was simply paving the way for an
attack on the duties he was himself enjoying. Of
course reciprocity with Canada is a long way from
abandonment of the protective tariff principle, and
there are very few people in this country, we should
judge, who would favor the complete abolition of
protective tariff duties. But when those who pretend
to speak for the farmers begin to squeal so loudly about
such a manifestly beneficent proposition as a trade
agreement with Canada, it is well to look the facts
squarely in the face.
It is rather amusing to find that the only reason
the Senator from Wisconsin is able to advance for his
opposition to reciprocity with Canada is the fear that
it will hurt the farming interests. After having so
long inveighed against the greed and selfishness of
“ special interests,” ho has himself become openly and
avowedly the advocate of a special interest—the agri­
cultural producers. Of course Mr. La Follette still
talks against trusts and monopolies and assumes
to have other grounds of objection to the proposed
Reciprocal Trade Agreement, but, boiled down, his
argument is simply the expression of a fear that the
arrangement will work adversely to the interests of
farmers. He says he believes in reciprocity with
Canada. But he designates the proposed arrange­
ment as “ an executive bargain, the terms of which re­
quire the farmer to surrender his market at an enor­
mous loss to secure valuable concessions to a few pros­
perous special interests.” “ President Taft’s Canadian
pact,” he declares, “ will' increase the profits of the
railroads, the milling interests and the beef trust.”
It hurts his sensitive nature to think that some of the
American roads, and particularly the roads controlled
by James J. Hill, will get a little extra traffic as a result
of such a trade agreement. Here is some of his talk
on that point: “ The railroads, particularly the Hill
line, has 15 or 20 branches extending far up into the
wheat-producing sections of Canada. Mr. Hill is one
of the strongest supporters of the President’s pact.
Ho hungers for the big tonnage to flow from Canadian
wheat fields into a free American market. The effect
of this competition on our farmers does not concern
him. There will be no reduction in his international
freight rates.”
It will be evident how hard driven for arguments
the opponents of trade reciprocity with Canada are,
when they are obliged to resort to twaddle of this
kind. He declares that the agreement is not in the in­
terests of the consumer. “ Relief from the high cost
of living is not to be found in such a tariff compact as
that represented in the pending bill. What avails it,
for example, to bring the supply of Canadian wheat
and cattle and sheep into our country free when we




1595

still must pay the same price for flour to our millers
and the same price for dressed meats to our packers.
It is not the farmer, it is not the consumer, for whom
these negotiations were made. It was made to benefit
the railroad, the miller, the packer, the newspaper
publisher.”
Mr. La Follette, still a friend of the consumer, tells
us that he has a scheme of his own for reducing the
cost of living “ by revising downward a few of the
most excessive schedules, such as manufactured wool,
cotton, sugar, iron and steel.” Thus this “ insurgent,”
who has been incessant in his attacks on the railroads,
on tariff trusts and monopolies, and upon accumulated
wealth, remains true to his original instincts. He is
willing to lead anywhere and everywhere so long as
his special fondling, the agricultural community, is left
unscathed. “ Why cut off the low duties on farm
products that oppress nobody and leave untouched the
flagrantly high and burdensome duties on trust-made
necessities ? ” he asks. If Senator La Follette had
a bit of humor in him, we could imagine him chuckling
after delivering this sentence. To speak of a tax of
25 cents a bushel on wheat,'on potatoes, on peas, of 30
cents on barley, &c., as “ low duties that oppress
nobody,” is to inject an element of the ridiculous into
the discussion, whether this leader of the insurgents is
cognizant of the factor not. The saving feature about
Mr. LaFollette’s minority report is that it will put him
in his proper light as a boastful opponent of what
he himself delights in calling “ special interests.”
New high records in our foreign trade were made in
both exports and imports in May 1911, according to the
official figures issued from Washington on Wednes­
day. That is to say, the outward flow of merchandise
for the month was much larger than in the correspond­
ing period of any earlier year, and imports of com­
modities also reached a somewhat greater value than
ever before in May, recording an increase of 434
million dollars over the total for the month in 1907.
The net result of the months’ foreign trade is an
export balance of 2234 millions, as against 1234 millions
in 1910 and 734 millions in 1909. It is also worthy
of note that our manufactured products were an
important item in swelling the export total. In
addition to again of 1234 millions in crop products and
other chief staples, there was an increase in other com­
modities of about 10 millions, making the total of all
exports for the month 8153,261,278, which compares
with $131,083,890 in 1910, only 123 1-3 millions
and 11334 millions, respectively, in 1909 and 1908 and
the previous May record of 8134,759,668 in 1907.
For the five months of the calendar year the merchan­
dise outflow, at 8846,242,171, was 16934 millions in
excess of 1910, and for the eleven months, at 81,­
907,041,830, is 290 millions higher than for 1909-10
and 36134 millions higher than for 1908-09. It is
evident from these figures for the eleven months that
for the full fiscal year ending June 30 our merchandise
exports will well exceed 2,000 million dollars.
Imports of merchandise for May reached 8130,­
677,753, against 8118,837,907 in the month of 1910,
and 8116,060,535 in 1909, with the previous record
total for May 8126,512,106 in 1907. For the five
months the inflow of commodities aggregated 641J4
millions, falling behind the corresponding period of
1910 by only 38 millions and for the eleven months

1596

THE CHRONICLE

of the fiscal year 1910-11 they were $1,.405,282,514,
or only 31% millions less than in 1909-10 and 218
millions more than in 1908-09. While our exports
of manufactures continue to expand, the inflow of
matciials used in manufacturing show a quite im­
portant decline this fiscal year. Particularly is this
true of India rubber and hides and skins, which were
imported to a phenomenal extent in 1909-10.
The export balance in the country’s favor for May
reached, as already stated, 22% millions the present
year. For the five months of the calendar year the
balance is 204 millions, which compares with an import
balance of 2% millions in the like period of 1910 and
an export balance of 77% millions in 1909. For the
eleven months of the fiscal year 1910-11 the export
balance reaches 501%, against only 180 millions the
previous year, 358 millions in 1908-09 and 043 millions
in 1907-08— the record. The gold movement during
May netted an export balance of $1,802,409. For
the eleven months of 1910-11, however, we received,
net, $49,403,101, which contrasts with a net outward
flow of $78,200,880 in the previous year and $41,­
549,118 in 1908-09. In 1907-08 there was a balance
of imports of $81,081,442.

[VOL. L X X X XII.

will naturnally intensify the exertions of both sides
and make it more probable that some cities will try
the six-years’ experiment.
I he restless feeling which is so evident on every
hand and the unthinking notion that the people do
not now have, and therefore must arouse themselves
to secure, control of public affairs are in favor of
trying the experiment. This is aided by a feeling
that conditions are so bad that they could hardly be
worse and it may be well to give another scheme a
trial. Doubtless this feeling accounts for the action
of thousands of sober-minded voters who do not
make their living out of politics and might be slow
to take the affirmative upon such a scheme as a mere
academic proposition. The efforts of the women in
Bayonne are referable to this same conviction that
change in form might bring some improvement in
lesults; they support this scheme as they have sup­
ported prohibition in some other places. On the
other hand, it is significant that the policemen and
firemen voted almost solidly “ No” in Bayonne, arguing
that they are as well off now as they can reasonably
foresee and might suffer by any change. Here we sea
a “ class” vote cast selfishly, on the assumption that,
on the whole, the voters are more liable to lose than
to gain by a new plan, which is offered as promising
to make lor the general good. The ordinary voter
will subordinate the general to the individual good, if
he thinks his own is directly concerned; this is in
human nature, and human nature will not be re­
generated by statute. The more largely municipalities
are brought into public ownership and operation, thelarger and more impenetrable the phalanx of voters
who work politically for their own jobs, and for easy
jobs. The certainty of creating a solid vote to which
the demagogue will cater ought to be some check upon
the disposition to continually enlarge governmental
undertakings.

The Transvaal continued in May the excellent
showing in gold production noted in earlier months of
the current calendar year. The May result, in fact,
established a new high record in monthly product,
although it fell a little short of the average per diem
yield of April. In other words, the aggregate output
for May (31 days), at 685,951 fine ounces, compares
with 667,714 fine ounces for April (30 days), the per
diem rate having been 22,127 and 22,257 fine ounces,
respectively. In May 1910 the aggregate yield was
only 634,170 fine ounces (20,457 daily) and in 1909
reached 624,498 (20,145 daily). For the elapsed five
months of 1911 the Transvaal mines have yielded a
total of 3,291,585 fine ounces, or 257,261 fine ounces
(nearly 8 % % ) more than for the same period of 1910,
The subscription lists for the Chinese railroad loan
271,155 fine ounces more than in 1909 and over which were not to have been closed until Monday,
450,000 more than in 1908.
were closed yesterday. It was authoritatively stated
that the American allotment of $7,500,000 had been
The special election in Bayonne on Tuesday, upon subscribed several times, and the issue is being traded
the question of adopting locally the commission form in at a premium over the bankers’ price of 97. Offer­
of government according to the new law, has resulted ings of similar amounts have been made in London,
surprisingly in two respects, of which the first is the Paris and Berlin, where the lists were also promptly
closeness of the vote, which is reported as 2,234 closed. There, as here, preliminary dealings are re­
affirmative and 2,236 negative. Two ballots were corded at an appreciable advance over the issue price.
thrown out as technically defective; if those two are Into the details surrounding this loan it is unnecessary
admitted at the official count and prove to be affirma­ to enter, particularly as a very full statement dealing
tive, it is suggested that this makes a tie and will with the terms is printed in another part of this issue.
require a new election. That deduction, however, It may fittingly be remarked, however, that the trans­
appears to be unfounded, for the burden of proof action marks the opening of a new epoch in American
was laid on the advocates of the scheme and the law banking. This is the first time our bankers have been
named two conditions; that they must secure a vote admitted to the concert of European banking syndi­
equal to 30 per cent of the last total vote, and must cates for handling foreign government loans. Credit
secure a majority as well. An equal division of the for this achievement is shared equally by President
vote cast clearly fails to comply with the conditions.
Taft’s Administration and by the influential partici­
f he size of the total vote and the energetic interest pants, J. P. Morgan & Co., Kuhn, Loeb & Co., the
aroused form the other surprise. Notwithstanding First National Bank and the National City Bank.
the supposed impracticability of getting people to The United States was entitled to consideration at the
trouble themselves over a special election, the total hands of the Chinese Government, for no other nation
was nearly two-thirds of the last regular election has proved a more loyal and disinterested friend to the
total. Trenton is to make her choice on next Tuesday Chinese Empire in times of trouble as well as in times
and Hoboken a week after, with a list of other cities of peace. The development of Asia is destined to be
o follow; the size and closeness of the Bayonne vote one of the outstanding achievements of the twentieth




J u n e 17 1911.]

THE CHRONICLE

century, and it is well that America should have equal
privileges with European countries which have done
less for the Empire in its initial stages of progress.
The building of railroads must play an important part
in the opening up of Chinese territory, and since
America's railroad system is acknowledged to be the
best in the world, it is peculiarly fitting that this
country should have every legitimate opportunity to
participate in the creation of an efficient system or
systems. Our Government and bankers have not only
secured adequate recognition in this instance, but have
made definite arrangements to join the three nations
already mentioned in future Chinese financing. The
enthusiastic reception of the first offering of Chinese
bonds is a happy climax to the long-drawn-out nego­
tiations. In view of the terms granted, it would have
been strange indeed had American investors not come
forward very willingly with generous subscriptions.
It is seldom that a government loan can be obtained
to yield 5% or better.

1597

announce the awards some time next week. Invest­
ment houses are hopeful that the success of the loan
will give a strong stimulus to the general bond market.
The long-threatened strike of seamen was formally
declared at the principal British ports on W ednesday
evening, and efforts were also made to have the
movement become international, though, in the natural
order of things, such a maneuver failed. The seamen's
professional agitators have sought to beguile their sup­
porters into believing that, immediately a signal was
given, sailors, dock employees, and others engaged in
marine transportation work in various countries, would
throw up their positions. W hat actually happened
was that the seamen’s organization at Hamburg
announced that the Germans would not participate in
an international strike; at Antwerp a so-called strong­
hold of unionism, few sailors left their ships, and
vacant places were easily filled, so that sailings were
made as usual; at Rotterdam, another important
centre, the strike was a complete failure; New York
was not affected in the slightest, and even in England
and Scotland there was no general cessation of work.
Several companies, including the White Star and
Canadian Pacific, granted all employees an advance
of $2 50 per month, or half the increase which had been
demanded, and other lines, notably the Cunard, may
make similar concessions. European crews contract
for round trips; hence there has been no quitting of
work by those visiting American ports. Threats have
been made, however, of a general strike of our coast­
wise seamen, but the principal lines anticipate no
concerted action or serious trouble. The whole move­
ment for an "international strike of seamen” has
proved futile, as confidently predicted a week or two
ago. Why seamen in, say, Hamburg, should desert
their posts simply because certain crews in London,
Liverpool or Glasgow happened to be dissatisfied is
not easily comprehended. Surely justice to employers
demands that, if they treat their men to the latter’s
satisfaction, no outside parties should be allowed
to interfere with a view to creating friction. Justice
having failed to stop the “ sympathetic” strike, pru­
dence, or self-interest, may prove more effectual, for
such tactics, whether attempted in France or else­
where, have invariably resulted disastrously to the
unions. The question of improving the conditions of
service at sea is primarily one for adjustment between
each company and its men and is not adapted for
sweeping international action. Happily, most lines
have in recent years voluntarily instituted reforms
calculated to enhance the welfare and, as a corollary,
the efficiency of their employees.

Another loan possessing novel and very interesting
features has excited widespread attention this week,
although in this case the issue is a national not
an international one. W e refer, of course, to the sale
of $50,000,000 3% bonds for the purpose of meeting
part of the expense incurred by the United States in
building the Panama Canal. The subscription list
does not close until 4 o’clock this afternoon, but as long
ago as last Saturday it was reported that about 900
bids had been received by the Secretary of the Treas­
ury. It may be safely assumed that the total will con­
tinue to be swelled until the last moment. The
response by individual investors has exceeded the
most sanguine expectations of the Treasury Depart­
ment. A great many of the subscriptions will, no
doubt, be found to range from $100 to $1,000, while
another large quota is likely to range from $2,000 to
$10,000. Indeed, the Treasury officials are hopeful
that the applications from citizens of small and moder­
ate means will be sufficiently numerous to absorb the
greater part, if not the whole of the issue. The wide
distribution of Federal bonds among the people is in
the highest degree desirable, as can be realized by
anyone who will give the subject serious thought.
Those having their capital invested in Government
securities liable to fluctuations in market value are
more likely to avoid clamoring for revolutionary legisla­
tive nostrums than voters having no pecuniary interest
at stake. Moreover, ownership of Government securi­
ties is apt to encourage taking a livelier interest in
national affairs. For these and other reasons it is not
to be regretted that our largest financial institutions
have expressed their intention to refrain from attempt­
ing to secure a monopoly of the new bonds by biddingHarmony has taken the place of bitterness in Mexi­
high prices. From what can be gathered in the leading can affairs through the formation of a triumvirate by
banking circles, the bids for huge blocks are unlikely the three most popular and powerful men in the repub­
to be as far above par as the bonds have this week lic, Francisco I. Madero, the successful leader of the
reached on the Broad Street curb market. The quo­ revolt against Diazism; Francisco L. de la Barra,
tation there, after having touched 103 last week, formerly Mexican Ambassador at Washington and
receded a little in the first half of this week, but since now Provisional President of Mexico, and General
then a new maximum of 10334 has been recorded. Bernardo Reyes, the influential military officer who
The dealings are said to have been influenced by j was expected to oppose Madero. The almost uni­
speculation. The task of opening, classifying, check­ versal popularity of the insurrecto victor, his readiness
ing up and tabulating such an enormous number of to co-operate with progressive members of the old
applications will occupy, it is expected, several days, regime, his apparent determination to work for the
but the Secretary of the Treasury hopes to be able to welfare of the nation, and his subordination of selfish,



1598

THE CHRONICLE

domineering demands, have combined to mark Fran­
cisco Madero as the logical successor of the iron-handed
statesman he overthrew. No effective opposition to
Madero’s candidacy for the presidency is apprehended.
He has proved himself a diplomatic as well as a military
strategist. The temporary President, who enjoys
the confidence of many Mexicans, and is well regarded
at Washington and other foreign centres, has consented
to become Minister of Foreign Affairs should Madero,
as is confidently anticipated, be elected the next Con­
stitutional President. Instead of General Reyes prov­
ing a stumbling block to peace, he has been won over
by the indomitable Madero and will accept office as
Minister of War. Mexico should thus be on the
threshold of a new era of rational progress politically,
along the democratic lines of her Constitution, while
the members of the triumvirate are men of sufficient
enlightenment to properly appreciate the importance
of developing the republic’s industrial, mineral and
agricultural resources. The foreign trade of Mexico
should increase rapidly, and it is natural to expect
that a growing share of it will be with the United States,
whose genuine friendliness and lack of sinister designs
can no longer be doubted by even our bitterest critics
across the border.
Yesterday's dispatches, embellished with sensational
headlines, containing remarks by Gov. Abraham Gon­
zales of Chihuahua on the policy that will be pursued
regarding concessions which have been granted to
American, British, German and other interests have
excited what appears to us to be an unnecessary
amount of alarm. “ Reforms immediately affecting
millions of dollars' worth of American property in
Mexico were announced to-night," the message begins.
The Governor is quoted as having vowed that “ all
Americans who grieved at the downfall of the Diaz
Administration will find that their grief was well
founded." Other statements by Gov. Gonzales are
given as follows:
“ For years Mexico has been exploited by foreigners
until the great body of the people have nothing. We
were on the verge of becoming a nation of paupers.
Now all special privileges shall cease if we can accom­
plish it.
“ Undoubtedly foreigners, including Americans, who
profited so greatly under the Diaz system, will be hard
hit by the new era, but the determination to upbuild
Mexico and to improve the conditions of her povertystricken people will, I am sure, receive the hearty sup­
port of the great body of Americans."

[VOL. L X X X X I I .

spot bills and 2 5-16% for bills to arrive. The week’s
advance cannot be wholly attributed to the fort­
nightly settlement, since the conclusion thereof
was not followed by a relapse to the old level. Nor
can the movement be ascribed to demands upon
London’s gold, for, as a matter of fact, the Bank of
England again encountered no opposition ,in bidding
for the new South African bars which were offered on
Monday, and the weekly statement showed a substan­
tial gain in bullion, in total reserve and in deposits.
Berlin, which has authorized a municipal loan of $80,­
750,000, also marked up its charge for negotiating bills.
The spot rate there is now 3)^ % , while bills to arrive
are quoted at 3 ^ to 3 % % . Interest rates in Ger­
many hold well above the level current at most other
European centres. Paris moves along quietly day
after day on a 2)/£% basis, nor is any immediate change
looked for, bills to arrive being accepted on the same
terms. Easiness still prevails at Amsterdam and at
Brussels, the quotations there being 2% % and lj/g to
2% , respectively. The only change announced this
week in foreign bank rates was a reduction from 5%
to 4% by the Bank of Bengal, this being the third
downward change within a short period. India's gold
requirements have latterly been easily supplied in the
absence of outside bidding for new gold at London.
The Bank of England is to-day carrying probably
close to if not more than £40,000,000 in bullion. Our
special correspondent informs us by cable that at the
close of the Bank week on W ednesday the stock on
hand was £39,486,451, and as the institution bought
£298,000 bars over the counter on Thursday, the grand
total cannot be much below the sum named, a
figure which is always spoken of as marking a very
comfortable state of affairs in the money market.
The exchanges have favored imports of gold from
Paris, and to-day a consignment of the metal is ex­
pected from Egypt. The weekly statement showed
an increase of £683,051 in bullion, but the gain in
total reserve was only £230,000, there having been
increases of £449,000 in circulation, £140,000 in loans
and £431,000 in ordinary deposits. Public deposits
decreased £81,174. The ratio of reserve to liabilities
changed but slightly, the figure being now 52.62%,
against 52.54% last week. This proportion is con­
siderably above the average for the middle of June;
indeed, it has not once been exceeded in a number of
years. There is, however, no suggestion that the
official discount minimum of 3% will be loworcd this
summer, as that rate is proving thoroughly effective.
Our correspondent furnishes the following details of
the gold movement in and out of the Bank for the Bank
week: Imports, £513,000 (of which £19,000 from
Australia, £27,000 from France and £467,000 bought
in the open market); exports, £135,000 (of which
£125,000 to South Africa and £10,000 to Batavia),
and receipts of £305,000 net from the interior of Great
Britain.

Gov. Gonzales is not the republic of Mexico. In so
far as relates to future developments in the State,
Ghihuahua can choose whatever policy the people and
the Mexican powers care to sanction; but in dealing
with matters arranged under the old regime neither
Gov. Gonzales nor any one else can play fast and loose
with the vested interests of Americans, Britains or
Germans. Had Francisco Madero used such illconsidered language we would have felt more per­
Money rates in New York have not yet begun to
turbed than we now do; but that leader is unlikely to
reflect
preparations for the half-yearly disbursements,
court trouble with outside nations, his hands being
to-day’s quotations being near the minimum for the
already fully occupied with strictly domestic affairs.
year. Last Saturday’s bank statement, showing an
Discounts in London ten days ago went below 2 % , increase in cash on hand of $8,810,000 and a gain in
yet at one time the week spot bills could not be placed deposits of $20,149,500, was regarded as portending
under 2 ^ % , while bills to arrive were charged as high a continuance of the downward trend of last week,
as 2 % % . though yesterday the terms were 2 % % for and as there have since been no abnormal demands




J un e 17

1011.)

THE CHRONICLE

1599

Foreign exchange has been unusually stationary
upon the money market, easiness has become more
pronounced. Speculation on the Stock Exchange throughout the week on the basis of about 4 85)4 f° r
has diminished, and it is a common complaint among demand and 4 86)4 for cable transfers. Even more
commission houses that they are carrying less stock remarkable than the steadiness of quotations during
for customers now than they held a month ago. The the last week or more is the willingness of both buyers
week has not witnessed the flotation of any very large and sellers to enter into contracts ten days and even
loans, the most interesting having been the $7,500,000 fifteen days ahead on exactly the terms that are quoted
Chinese Government issue, if the Panama loan of to­ for spot bills. This indicates that exchange bankers
day (Saturday) be excluded from consideration. Trade look for no radical fluctuations incidental to the July 1
throughout the country is still so quiet that currency settlements. Europeans have purchased American
is remitted to New York, notwithstanding that the securities in such volume during the current half-year
that a larger sum than usual will have to be remitted
rates obtained here are unremunerative.
Manufacturers, merchants and other mercantile to holders of bonds, notes and stocks; yet exchange
interests of high standing are discounting very little does not act as if the inquiry would produce acute firm­
paper, but the output of bills not of the best quality ness. This attitude is attributable to two factors. In
is quite large. There are in this country a great many the first place, our international underwriters are fairly
firms ambitious to do a more extensive business than confident that they will be able to induce their foreign
their capital warrants, and in quite a few instances clients to make additional purchases of new issues,
brokers arc prevailed upon to raise funds for them seeing that money brings only low returns when lent
by means of single-name bills. Naturally the boriowei on collateral or used to discount bills at home. In the
is willing to pay a price in keeping with his poor credit. second place, our foreign trade is moving in favor of
The looseness of the present system of issuing and this country on a scale paralleled only on two or three
handling commercial paper prevents any check being occasions in our history. During the eleven months
applied to the activities of borrowers not entitled to ending May 31 our exports of merchandise reached the
accommodation. This places upon bank officials and wholly unprecedented total of $1,907,041,830. Im­
trust company officers great responsibility in selecting ports during the same period aggregated $1,405,282,­
bills for discount. The consequence is that, no matter 514, the balance of exports having, therefore, been
how keen the inquiry may be for prime names, second $501,759,316. May contributed $22,583,525, the ex­
grades are usually hard to negotiate. This position is ports having reached $153,261,278 and the imports
strikingly illustrated at the present moment. New $130,677,753— both high records for May. Under
York institutions alone could absorb more choice bills these circumstances it is not astonishing that operators
than have been drawn, yet no inclination is mani­ in exchange do not apprehend any sharp advance. It
fested to tide over the deficiency by accepting paper is also to be taken into account that the Bank of
of doubtful quality, even though a return of from 4)4% England is holding larger reserves than have been
to 5% is offered. Bankers are exercising the greatest reported at this season in any recent year, and that
prudence and caution, not only in their operations in money in London, in Paris, and at other Continental
mercantile paper but in every other direction. W ere centres, with the notable exception of Berlin, is worth
less rigid standards adopted, the surplus reserve of the only 2)4% or less. Discussion of gold imports has
Clearing-House banks would not now be within a ceased, and as far as can be judged at this juncture, a
fraction of $40,000,000. To-day’s weekly statement movement will not be inaugurated in the near future.
will, for the first time, include the fifteen trust com­ It is desirable from every point of view that shipments
panies which began to clear checks through the Clear­ be not precipitated at this time. That an inflow will
come about naturally and with beneficial results later in
ing House direct on Monday.
The detailed range for time money at the close of the year is taken for granted. New York, therefore, is
the week is as follows: 2)4% for sixty days, 2% % for peculiarly well situated both from the domestic and
ninety days, 3% for four months, 3)4% for five the international monetary standpoints.
Compared with Friday of last week, sterling ex­
months, 3)4 to 3)4% for six months, and, nominally,
3)4 to 4 % for over-the-year, though 3)4% is nearly change on Saturday was unchanged, with demand
always agreed upon. Call money has averaged 2)4% • again quoted at 4 8585@4 8590, cable transfers at
Quotations have varied extremely little from hour to 4 8605@4 8615 and sixty days at 4 8390@4 84.
hour or day to day. Thus, on Monday, Tuesday, There was an advance on Monday, on inquiries in
Wednesday and Thursday the maximum was 2)4 % connection with the London fortnightly settlement, to
and the prevailing rate 2 )4 % , while the minimum on 4 8590@4 86 for demand and 4 8610@4 8620 for cable
three occasions was 2)4% and on the other (W ednes- transfers; sixty days, however, declined to 4 8380@
day) 2 )4 % . Yesterday the range was 2)4 to 2 )4 % , 4 8390. On Tuesday rates were slightly easier on light
with the final transaction made at 2 )4 % . The range trading, the final range being 4 8590@4 8595 for
for sixty to ninety days, endorsed bills receivable may demand and 4 8610@4 8615 for cable transfers; sixty
be given as 3)4 to 4 % , but nearly all business is done days was unchanged. On Wednesday the market
in prime names at 3 )4 % . The choicest four to six scarcely moved all day, and quotations closed on prac­
months’ single-name bills are placed at either 3)4% tically the previous day’s level, with demand at
or 4 % , the tendency having been towards the higher 4 8585@4 8595, and cable transfers at 4 8610@4 8615;
charge. As already stated, there is no scarcity of bills sixty days fell to 4 8375@4 8385. There was a some­
of a character which calls for close scrutiny; the dis­ what weaker tone on Thursday, demand closing at
position of institutions to leave such bills severely 4 8585@4 8590, cable transfers at 4 605@4 8610 and
alone is not conducive to cleaning up the accumula­ sixty days at 4 8370 @ 4 8380. On Friday firmness
prevailed in the forenoon, but rates weakened slightly
tions.
later, and the market closed at 4 8380@4 8390 for




1600
60

THE CHRONICLE

d ays,

4 8 5 8 5 @ 4 8595

fo r

dem and

and

4 8005@

4 8 0 1 0 fo r c a b le s .

C o m m e r c ia l o n b a n k s w a s q u o te d

at 4 83 % @ 4 83%

a n d d o c u m e n ts fo r p a y m e n t 4 8 3 %

@ 4 83% .

C o t t o n fo r p a y m e n t r a n g e d fr o m 4 8 3 % @

4 8 3 % , g r a in fo r p a y m e n t fr o m 4 8 3 % @ 4 8 3 % .

[VOL. LXXXXII

t h e v o t i n g p u b lic .

B u t b e y o n d e v e n th is , th e r e w o u ld

b e n o a d v a n t a g e t o a n y M in is tr y in m a k in g th e p r o ­
p o sa l,

even

w ere

it

p o lit ic a lly

fe a s ib le .

R o y a lty

c a n n o t b lo c k th e p o litic a l p u r p o se s o f a m a j o r i t y p a r t y
in

G reat

B r it a in ;

th at

b a t t le

w as

fo u g h t

and

w on

u n d e r G e o r g e I I I . as d e c is iv e ly a s w a s th e b a t t le fo r
T h e fo llo w in g g iv e s th e w e e k ’ s m o v e m e n t o f m o n e y
t o a n d fr o m th e in te rio r b y th e N e w Y o r k b a n k s .

W eek ending J u n e

R eceived by
N . Y . B anks.

16 1911.

S hipped by

Currency.......... ..................................
Gold .......................................

$13,122,000
2,067.000

$4,323,000 Gain $8,799,000
1,094,000 Gain
973,000

Total gold and legal tenders.........

$15,189,000

$5,417,000 Gain $9,772,000
r ! i-Xi

W ith

in d e p e n d e n c e in th e s a m e r e ig n .

th e S u b -T r e a s u r y o p e r a tio n s th e resu lt is as

fo llo w s .

in r e c e n t y e a r s o f n o little v a lu e t o th e p o litic a l a c h ie v e ­
m e n t s o f th e M in is tr y its e lf— n o t a b l y in th e m a t t e r o f
fo r e ig n r e la tio n s d u r in g th e e a r ly p a r t o f E d w a r d V I I . ’ s
r e ig n .
M o r e th a n th is , h e w e v e r , r o y a l t y g iv e s to th e E n g lis h
p e o p le a t la r g e a c e n tra l fo c u s a n d p e r s o n a lit y w h ic h ,
in a p e r m a n e n t a n d p ic tu r e s q u e w a y , se r v e s a s ]a c a p ­

W eek ending J u n e

In to
B a n ks.

16 1911.

Out o f
B anks.

N et Change in
B a n k N oldlngs.

Hanks’ Interior movement, as above
Sub-Treasury operations..................

$15,189,000
27,600.000

$5,417,000 Gain $9,772,000
29,100,000 Loss
1,500,000

Total gold and legal tenders...

$42,789,000

S34,517,000 Gain $8,272,000
KM ■" :

in th e p r in c ip a l E u r o p e a n b a n k s .
June

15 1911.

•’9

.

June

Hanks o f

| S ilver.

Gold.

Kngland. . .39,486,451'
France. . . 128,335,840
Germany., 42,292,300
Russia a . . 145,062,000
Aus.-Hunb 55,840,000,
Spain___ 16,552,000
Italy d __ 39.840,000!
Ncth'lands' 11,521,000
Nat. Belg.d 6.761,333
Sweden . . 4,664,000,
Swltzerl’d. 6.388.300
Norway . .
2,080,000

|

Total.

16 1910.

| S ilver.

Gold.

.............. ! 39,486,451! 42,388,92ll
34,153,880162,489,720135,965,360;
15,965.950! 58,258,250; 41,725,950
7,727.000,152,789.000 137,420,000
12,971.000' 68,811,000! 55,491,000
31,070.000 47,622,000 16,244,000
3,534,000! 43,374,000! 39,035,000
2,101,300, 13,625.300; 8,780,000
3,380,067 10,142,000 4.276.000
...............I 4,661.000 4.150.000
...............! 0,383,300 5.506.000
............ .1 2,080,000;
1.749.000

s t o n e fo r th e g e n e r a l s tr u c tu r e o f g o v e r n m e n ta l in s ti­
t u tio n s a n d a u t h o r it y .

I t is s a fe to s a y t h a t th e E n g ­

lish e le c to r a te w o u ld , if n e c e s s a r y , d e lib e r a te ly a p p r o v e
c o n t in u a n c e

o f th e s p le n d o r s

and

w e a lth

and

in s u la r .

;

Total.

_........ __| 42,388,921
35,415,080 171,380,440
14,884,600 56,610,550
8,628,000140,054,000
13.468.000 68,959,000
31.149.000 47,393,000
3,925,000' 42,960,000
2,382,900 11,162,900
2.138,000 6.414.000
4.450.000
5.506.000
1.749.000

a u t h o r it y o f th e S t a t e .

C e r ta in ly

th ere

is a real p o litic a l

s o le m n it y ,

th o s e

w h o s e ] fp o m p

a n d w h o s e in d e fin ite c o n n e c tio n

a ffa irs o f S t a t e
lin k

c e r e m o n ie s

b etw e en

in g e n e r a l,

p u b lic

a n d o f th e p a s t .

c o n s titu te

in s titu tio n s

an

and

w ith th e

in te r e stin g

o f th e p r e s e n t ’ ’d a v

I t h a s o fte n b e e n a m a t t e r o f r e m a r k

t h a t o f th e t w o g r e a t A n g lo -S a x o n P o w e r s , th e U n it e d
S t a t e s h a s p u s h e d to th e e x t r e m e o f d e m o c r a tic s im ­
p lic ity th e se fo r m a l p u b lic fu n c tio n s — as w itn e s s'm u r
I n a u g u r a t io n D a y , w ith th e P re s id e n t s t a n d in g h a tle ss
in

open

a ir

and

th e

p u b lic

at

large

lo o k in g

o n __

w h e re a s E n g la n d h a s s c r u p u lo u s ly p rese rv ed th e ’ t r a p p in g s o f fo r m
fr o m

a

a n d c e r e m o n y w h ich h a v e c o m e -d o w n

p e rio d

as r e m o te

fr o m

v a lu e

in

c e r ta in
e a s ily

th a t

a

se r v e

P r im e

th e

M in iste r

p u rp ose.

It

c o u ld
m ay

of

h im s e lf n o t

fa ir ly

be

a sk e d

w h e th e r o u r o w n p o litic a l in s titu tio n s are w h o lly fre e
fr o m t h is v ie w o f th e c h ie f p la c e s in t h e S t a t e .
d iffic u lt

to

im a g in e

even

th e

A m e r ic a n

I t is

p u b lic

d is ­

c u ssin g th e m o v e m e n t s , p e rso n a l p la n s a n d in d iv id u a l
u tte r a n c e s o f th e le a d e r o f a m a j o r i t y

p a r t y ^ in

th e

S e n a t e o r H o u s e w ith th e in te re st a n d l o y a l t y w h ic h
c o n v e r g e o n P r e sid e n t T a f t .
ft is tr u e t h a t th e P r e s id e n c y o f th e U n it e d S t a t e s ,
b e in g a n e le c tiv e o ffic e , o c c u p ie s a s o m c w h a t jd iffe r e n t
g r o u n d f r o m th e h e r e d ita r y B r itis h s o v e r e ig n t y .

But

th e d iffe re n c e in th is re sp e ct is n o t so fu n d a m e n t a l ,
in th e m a t t e r o f th e p u b lic ’s a t t it u d e to w a r d th e h e a d

w ere

c o n c e iv a b ly

to

I f , i n d e e d ,^ B r it is h

r e v iv e ,

at

so m e

fu t u r e

t im e , its o ld -t im e tr a d itio n s o f a r b itr a r y p re ssu re o n

T h e c o r o n a tio n o f th e K i n g o f E n g la n d jn e x t T h u r s ­
of

N o r n e e d it b e

p e r s o n a lit y a t th e h e a d o f S t a t e , a n d it is r e a s o n a b ly

r o y a lty

THE ENGLISH CORONATION.
one

th e

T h e s e a re to t h e m a n e m b o d im e n t o f th e p o w e r ,

o f S t a t e , as m ig h t be s u p p o s e d .

is

fo r m a litie s o f

c o u r t.

t h o u g h t t h a t th is v ie w o f th e m a t t e r is a n t iq u a t e d or

Total week 198,823,221 110,906,797 609,730,021 193,037,231 111,990,580605,027,811
I’ rev. wcek'497,390,673 110,478,247 607,868,920 192,290,171 112,207,247 604,497,418
WVJ 4 « !
a The total of gold In the Hank of Russia Includes the balance held abroad—
that Is. the amount held for Russian account In other Continental banks The
proportion so held, and consequently duplicated in the above statement is’ about
one-seventh of the total this year, against about onc-slxth a year ago ’
b The Austro-Hungarian Bank Statement Is now Issued In Kronen’ and Heller
nstead of Gulden and Kreutzcr. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents As the
Kronen has really no greater value than 20 c:nts. our cable correspondent In
Condon, In order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 Instead of 20.
as
d The division (between gold and silver) given In our table of coin and bullion In
tlie Banks of Italy and Belgium is made from the best estimates we are able to
obtain; It Is not claimed to bo accurate, as the banks make no distinction In their
weekly returns, merely reporting the total gold and silver; but we believe the
division we make Is a close approximation

day

B u t, on

t h e o t h e r h a n d , th e in s titu tio n o f r o y a lt y h a s p r o v e d

N et Interior
M ovem ent.

.V. Y . B anks.

A m e r ic a n

p r e se n t id e a s

as

th e

fe u d a l s y s t e m itse lf.

P a r lia m e n t o r o f a fr iv o lo u s a n d c o r r u p t so c ia l a t m o s ­
p h e re a t c o u r t , n o d o u b t th e r e la tio n s b e tw e e n p u b lic
a n d s o v e r e ig n

w o u ld c h a n g e im m e d ia t e ly .

The

la s t

y e a r s o f G e o rg e 111. w ere m a r k e d b y a v e r y d e c id e d
change

in

th is r e g a r d ,

b rou gh t

about

by

th e g r a v e

p o litic a l m is ta k e s o n th e p a r t o f r o y a l t y its e lf.
reign o f G e o r g e I V . w a s m a r k e d b y

The

s im ila r a lie n a tio n

o f p e o p le fr o m K i n g b e c a u se o f th e so cia l d e te r io r a tio n
o f th e s y s t e m .

B u t p r e c ise ly b e c a u se n o th in g o f th e

k in d h a s b een w itn e sse d o n th e p a r t o f B r itish r o y a lty
d u r in g n e a r ly a c e n t u r y p a s t , a n d b e c a u se th e so v e r e ig n
w h ile s u r r o u n d e d w ith all t h e f o r m a n d p u b lic s p le n d o r
o f a n a n c ie n t th r o n e , h a s a lso e x h ib it e d

th e h o m e ly

v ir tu e s o f th e c o m m o n p e o p le a n d th e d iscree t r e c o g ­
n itio n o f th e lim its o f r o y a l p o w e r , th e in s titu tio n ’ its e lf

The
p a rt

E n g lis h
of

th e

a t t it u d e ,

E n g lis h

how ever,

is r e a lly

a lo g ic a l

gen eral

a t t it u d e

c o m m u n ity ’s

to w a r d t h e s y s t e m o f r o y a l t y its e lf.

In all th e ra d ic a l

c h a n g e s o f g o v e r n m e n ta l in s tit u tio n s p resse d
p r e se n t

B ritish

M in is tr y ,

and

a ffe c tin g

by

v it a l ly

th e
th e

p o litic a l p r e r o g a tiv e o f th e B ritish n o b ilit y a n d c le r g y ,
th e

p r o p o s itio n

su gg ested

th at

has

at

r o y a lty

no

tim e

s h o u ld

b een
be

even

r e m o t e ly

a b o lis h e d .

The

p r o b a b il it y is t h a t n o p a r t y a n d n o M in is tr y in G r e a t
B r it a in w o u ld v e n tu r e to m a k e su c h a p r o p o s itio n , k n o w ­
in g fu ll w ell th e r e c e p tio n w h ich it-jw o u ld m e e t* fr o m




h a s n o t m e r e ly b e e n t o le r a t e d , b u t h a s b e e n s u p p o r te d
b y a p r o b a b ly in c re a sin g b o d y o f p u b lic a p p r o v a l.
I t is fo r th e se re a so n s t h a t

n e x t T h u r s d a y ’ s cere­

m o n ie s s u g g e s t s o m e c o n s id e r a tio n o f th e real p la c e o f
r o y a l t y , w h e th e r in E n g la n d o r elsew h e re in th e a ffa irs
o f th e t w e n tie th c e n tu r y .

So

fa r a s E n g la n d is c o n ­

c e rn e d , th ere h a s b een a v e r y in te r e s tin g a n d in s o m e
r e sp e c ts v e r y recen t c h a n g e in th e n a t u r e o f th e in s ti­
t u tio n .

I t is a trite a n d c o rre c t s a y in g t h a t th e p o w e r

o f E n g l a n d ’ s so v e r e ig n is s u b s t a n t ia lly less t h a n t h a t
o f a n A m e r ic a n P r e s id e n t.

T h e p o w e r o f v e t o in g la w s

J u n e 17 1911.]

THE CHRONICLE

1601

p a sse d b y C o n g r e s s , o f p r o p o s in g le g is la tio n b y p u b lic

s o v e r e ig n , b u t to th e p e o p le , in d ic a te s t h a t th e se r e la ­

a n d p e rs o n a l in itia t iv e ,

tio n s h a v e n o t in G e r m a n y re a c h e d a fin a l b a s is .

o f a p p o in tin g

c e r ta in p u b lic

o ffice rs in his o w n d is c r e tio n , o f n e g o t ia t in g
and

w it h o u t

C o n g r e s s io n a l

P o w e r s — all th e s e

m a n d a te,

p r e r o g a tiv e s ,

o th e r s o v e r e ig n , o r a se r io u s b lu n d e r b y th e p r e se n t

fo re ig n

r u le r , m ig h t b r in g e x t e n s iv e c h a n g e s in th e C o n s t it u ­

w ith

c o n s t a n t ly

An­

d ir e c tly ,

e x ercised

t io n .

^ e t , a s w e h a v e s e e n , th e rea l p la c e o c c u p ie d b y

b y o u r o w n C h ie f M a g is t r a t e , a re d e n ie d to th e E n g lis h

G e r m a n r o y a l t y is b y n o m e a n s v e r y d iffe re n t fr o m th e

so v e r e ig n .

p la c e w h ic h th e E n g lis h s o v e r e ig n h a s a c h ie v e d .

A g e n e r a tio n a g o it u se d t o b e c o m m o n l y a ffir m e d

I n a le ss d e g r e e , th e s a m e m a y b e sa id o f th e K i n g s

t h a t r o y a lt y in C r o a t B r it a in h a d b e c o m e p o litic a lly

o f I t a l y a n d S p a in .

n o th in g b u t a s h a d o w , a n d t h a t its fu n c t io n s w ere d e s­

is as y e t a r u le to its e lf.

tin e d t o b e p u r e ly s o c ia l.

u n d e r g o in g

has

not

m a te

q u ite

v e r ifie d

h is to r y

c e n tu r y

and

have

B u t th e c o u rse o f e v e n ts
th is

p r e d ic t io n .

m e m o ir s

b rou gh t

in to

of

th e

in ti­

past

h a lf­

u n e x p e c t e d ly

lig h t th e p e rs o n a l in flu e n c e e x e r c is e d b y
to r ia o n p o litic s .

The

s tr o n g

Q ueen V ic ­

T o u s , th e fa m o u s in c id e n t in w h ic h

s lo w

R u s s ia , in th is as in o th e r t h in g s ,
I t s g o v e r n m e n t is , in f a c t ,

p o litic a l

e v o l u t io n ,

th e

u lt im a t e

r e su lts o f w h ic h are im p o s s ib le t o p r e d ic t .

W i t h th e

im p e r ia l a u t h o r it y a n d p r e r o g a tiv e w h ic h is s till a sse r ­
ted

w it h o u t

co n te st,

a

p o w e r fu l

R u s s ia n

a u to cra t

m ig h t e v e n n o w b rin g a b o u t a g r e a t r e a c tio n to w a r d
th e

o ld -t im e

c o n d itio n s

of

R u s s ia n

g o v e r n m e n t.

A

t h a t so v e r e ig n h e ld b a c k th e h a n d o f th e M in is tr y in

b r o a d -m in d e d

th e T r e n t a ffa ir is b e s t r e m e m b e r e d ;

v a n c e , to a p o in t n e v e r y e t a t t a in e d , t h e so c ia l a n d

a n is o la te d c a s e .

b u t it

w as

not

T h e a c h ie v e m e n ts o f K i n g E d w a r d ,

and

r e so lu te

C zar

m ig h t

p o litic a l d e v e lo p m e n t o f h is c o u n t r y .

e q u a lly

ad­

P e r h a p s it m a y

e s p e c ia lly in th e m a t t e r o f e s t a b lis h in g a n d e x te n d in g

b e R u s s ia w h ic h , in t h e n o t v e r y d is t a n t f u t u r e , w ill

g o o d re la tio n s w ith fo r e ig n r u le r s , is a m a t t e r o f m o re

p r e se n t th e m o s t s tr ik in g c h a n g e s in th is m a t t e r o f a n y

re c e n t h is to r y .

E u rop ea n S ta te .

T h e u n a n im o u s o u t b u r s t o f g r ie f in

E n g la n d a t th e d e a th o f E d w a r d w a s , n o d o u b t , in p a r t

T o s u m th e w h o le m a t t e r u p , it m a y b e s a id t h a t ,

a t r ib u te to a p u b lic m a n w h o se p e r s o n a lit y w a s lik e d :

n o t w it h s ta n d in g P o r t u g a l, fo r w h o se re c e n t o v e r t h r o w

b u t it w a s a ls o , as th e se rio u s r e v ie w s o f h is career

o f r o y a l t y th e r e w e re p a r tic u la r r e a s o n s , th e in s tit u tio n

h a v e s u ffic ie n tly d e m o n s t r a t e d , a t r ib u te to h is real

o f r o y a l t y h a s g a in e d r a th e r t h a n lo s t c r e d it d u r in g

p o litic a l s e r v ic e s .

re ce n t t im e s .

th e

new

T o o lit tle is k n o w n as y e t r e g a r d in g

K in g ’s

p e r s o n a lit y

and

p u rp oses

to

m ake

W hat

p r e d ic t io n p o s s ib le as to w h e th e r th e s c o p e o f fu n c tio n s

The

of

p ru d en t sta tesm en

th is

so rt

is

to

be

e x ten d e d

or

r e s tr ic te d .

But

its p la c e

in th e

h is to r y

o f th e

c o m in g c e n t u r y w ill b e is a m a t t e r o f b r o a d c o n je c tu r e .
lin e

of

c o n s t itu t io n a l
and

r e fo r m

fo llo w e d

th e e n lig h te n e d

by

th e

c o m m u n itie s

th e r e is c e r ta in ly n o sig n o f a n y d e lib e r a te c u r ta ilin g

of

o f th e p o w e rs e x e r c is e d so t a c t f u ll y b y h is p r e d e c e sso r .

p o w e r a n d p r e r o g a tiv e ; a n o u t r ig h t c h a n g e in th e fo r m

I n th e c a se o f G e o rg e V . , as w ith all th e o th e r E n g lis h

o f g o v e r n m e n t , t h r o u g h a b o litio n o f r o y a l t y , h a s b e e n

s o v e r e ig n s
depend

of

on

th e

th e

c e n tu r y

p a st,

d e v e lo p m e n t

of

th is

q u e s t io n

p e r s o n a lit y

m u st

and

th e

th e

an

day

has

e x c e p tio n a l

b e e n th e

e n la r g e m e n t

e x p e r im e n t ,

and,

of

as

le g is la tiv e

P o rtu ga l

is

s h o w in g , it is a n e x p e r im e n t w h o se w is d o m , a s a m a t t e r

m a n n e r in w h ic h th e rea l o p p o r tu n itie s o f th e r o y a l

o f u n iv e rsa l a p p lic a tio n , is n o t y e t p r o v e d .

o ffic e are e m p lo y e d .

t io n , a fte r a ll, is w h ic h s y s t e m , a n d w h a t fo r m o f a n y

Even

w hen

c o n tin e n ta l

r o y a lty

is

c o n s id e r e d ,

it

sy ste m ,

m ay

T h e q u es­

b e m a d e m o s t s e r v ic e a b le fo r p o litic a l

w ill b e r e a d ily se e n t h a t p r in c ip le s s im ila r to w h a t h a v e

w e lfa r e in a g iv e n c o m m u n i t y .

a lr e a d y b e e n d e s c rib e d r e g a r d in g E n g la n d are a t w o r k .

n a t u r a lly

T h e G e r m a n E m p e r o r , fo r in s ta n c e , s t a n d s in th e first

u n d e r p r e se n t c o n d it io n s , is h a r d ly less s o .

p la c e as th e p e r s o n a l e m b o d im e n t o f th e b o n d w h ich

m o r e , th e r e is p e r h a p s a b r o a d p o litic a l sig n ific a n c e in

u n ite s

th e fa c t t h a t , in th e se v e r y d a y s o f s w e e p in g p o litic a l

th e G e r m a n

S ta te s.

But

w ith

h im ,

as w ith

E n g lis h r o y a l t y , p e rso n a l q u a litie s h a v e p la y e d
p o r ta n t p a r t in th e h is to r y o f h is o ffic e .

a n im ­

I t is n o t a t

in c o n c e iv a b le ;

in n o v a t io n ,

th e

m ost

but

A k in g in A m e r ic a is
a

advanced

r e p u b lic

E uropean

in

R u s s ia ,
F u r th e r ­

com m un­

ities sh o u ld b e th e slo w e s t to a d v o c a t e a b o litio n o f th e

all im p r o b a b le t h a t th e p o litic a l h is to r y o f G e r m a n y

fo r m o f r o y a l t y .

d u r in g

n o t to p a r t w ith all th e la n d m a r k s o f th e p a s t , w h e n

th e g e n e r a tio n

d iffe re n t h a d

p a s t m ig h t h a v e

been

th e E m p e r o r F r e d e r ic k , w ith

w id e ly

th e v e r y

lib e r a l p o litic a l id e a s a s c r ib e d to h i m , s u r v iv e d to rule
fo r a d e c a d e or t w o a fte r h is fa t h e r ’ s d e a t h .

B u t w ith

th e

p u b lic

T h is m a y re fle c t a n in s tin c t iv e w ish

in te re st

is

in

no

re sp e c t je o p a r d iz e d

by

r e ta in in g t h e m .
T h e e x t r e m e d e m o c r a tic th e o r is t w ill u s u a lly o p p o s e

W i ll i a m , n o t w it h s ta n d in g th e s o m e w h a t c o m p le x a ttr i­

th e in s titu tio n a s a m a t t e r o f g e n e r a l p r in c ip le .

b u te s w h ic h m a k e u p h is c h a r a c te r , t h e e le m e n ts o f

it is n e c e ssa r y to r e m in d e v e n th e o r is ts t h a t a b s t r a c t

t a c t a n d o b s e r v a n c e o f th e p u b lic w ill h a v e p la y e d a

p r in c ip le s

s u b s ta n tia l p a r t.

p o litic s ;

T h e E m p e r o r h a s , fo r in s ta n c e , t a k e n th e le a d a t
t im e s in c e r ta in n m e h -d e s ir e d
as

to

h is

a tt itu d e

re g a r d in g

d e fe n s e , it is im p o s s ib le

to

s o cia l r e fo r m s .
a r m a m e n ts

deny

and

are n o t

th e

so le

g u id in g fo r c e

in

Yet

m od ern

t h a t p o litic a l e x p e d ie n c y is s o m e th in g ;

th a t,

in f a c t , p o litic a l in s titu tio n s are a m e a n s to a n e n d ,

E ven

a n d t h a t th e e n d is m o r e im p o r t a n t t h a n th e m e a n s .

p u b lic

G o v e r n m e n t is n o t , a n d n e v e r c a n b e , a n e x a c t s c ie n c e .

t h a t his s o m e w h a t

I t w ill n e v e r b e w h o lly p o ssib le fo r g o v e r n m e n ta l in ­

r e a c tio n a r y p o s itio n h a s la rg e ly re fle c te d th e fe e lin g s

s t it u t io n s

of

co u n try

to se r v e th e p u r p o se s o f a n o th e r or all th e

a sse r tio n o f th e H o n e n z o lle r n f a m i l y ’ s d iv in e r ig h t to

o th e r s .

T h e fa c t t h a t r o y a l t y itse lf h a s c h a n g e d w ith

th e

th e c h a n g in g c o n d itio n s o f th e tim e s s h o w s a t le a s t

his

s u b je c t s .

th ro n e,

The

r e v iv in g

“ W ar

as

th e y

L ord”

d id

a

n o t io n

w h o lly

and

th e

o b s o le te

w h ic h

id e a lly

serve

th e

p u r p o se

of

one

fe u d a l t h e o r y , w ere in d is c re tio n s w h ic h n o d o u b t did

t h a t r o y a lt y is a n e la stic in s tit u tio n in its r e la tio n s to

h a r m , a n d w h ic h c e r ta in ly d id n o t s e r v e to c e m e n t th e

s t a t e , a n d it h a s s o m e tim e s p r o v e d th e w ise r p a r t o f

good

The

p o litic s to a d a p t o ld in s tit u tio n s t o th e r e q u ir e m e n ts

v e r y r e c e n t t e n d e n c y in th e R e ic h s t a g in th e d ire c tio n

r e la tio n s

b etw e en

o f th e d a y r a th e r th a n to u p r o o t t h e m a n d r e p la c e th e m

o f r e q u ir in g t h a t th e M in is tr y b e r e s p o n s ib le n o t t o th e

b y a n e w e x p e r im e n t .




s o v e r e ig n

and

p e o p le .

1602

THE CHRONICLE

[VoL. LXXXXII.

T h e d is tr ic t

THE JURISDICTION OF THE N E W COMMERCE
COURT.
One

of

th e

q u e s tio n s

a m e n d m e n ts to

a risin g

out

of

la s t

y ear’s

th e I n t e r -S t a t e C o m m e r c e L a w

and

c irc u it

ju d g e s a n d th e U . S . C irc u it

C o u r t o f A p p e a ls p r o v id e d a m p le ju d ic ia l
fo r t h is p u r p o s e .

I t w o u ld se e m

m a c h in e r y

to fo ll o w , th e r e fo r e ,

t h a t in e s ta b lis h in g a n e w c o u r t d is t in c t fr o m th e o th e r

th at

F e d e r a l c o u r ts th e p u r p o se w a s to h a v e a s e t o f ju d g e s

w ill h a v e to b e s e t t le d so o n e r or la te r is th e ju r is d ic ­

in a w a y j u s t a s w e ll q u a lifie d to p a ss u p o n q u e s tio n s

t io n a n d p o w e rs o f th e C o m m e r c e C o u r t , th e n e w j u d i ­

o f f a c t a s th e I n t e r -S t a t e C o m m e r c e C o m m is s io n i t ­

cial tr ib u n a l w h ic h h a s b e e n e s ta b lis h e d a s a r e su lt o f

s e lf a n d to g u a r d a g a in s t b lu n d e rs or a b u s e o f a u t h o r ­

o n e o f th e se a m e n d m e n t s .

T h a t th is C o m m e r c e C o u r t

is to h a v e th e s a m e ju r is d ic tio n a s th e

i t y o n th e p a r t o f th e C o m m is s io n .

T h e C om m erce

c ir c u it c o u r ts

C o u r t , a s is w e ll k n o w n , w a s a s u g g e s tio n o f P r e s id e n t

o f th e U n it e d S t a t e s is e x p r e s s ly s t a t e d in th e A c t it ­

T a f t , a n d M r . T a f t s h o w e d p la in ly e n o u g h t h a t h e h a d

s e lf.

th e id e a o f sp e c ia l fitn e ss in m in d w h e n h e t o o k C h a ir­

T h a t it is a lso e n d o w e d w ith e x c lu s iv e ju r is d ic ­

tio n to h e a r a p p e a ls fr o m th e o rd e r s o f th e I n t e r -S t a t e

m a n K n a p p o u t o f th e C o m m is s io n a n d m a d e h im th e

C o m m e r c e C o m m is s io n is lik e w ise p la in fr o m th e A c t

p r e s id in g J u d g e o f th e C o m m e r c e C o u r t.

its e lf.

T h e p o in t o n w h ic h c o n t r o v e r s y c o n v e r g e s is

I t w o u ld s e e m , t o o , as if th e I n t e r -S t a t e C o m m e r c e

w h e th e r its fu n c t io n s m u s t b e c o n fin e d to m a t t e r s o f

C o m m is s io n

l a w , or w h e th e r it sh a ll a lso h a v e th e r ig h t t o p a ss u p o n

fu n c t io n s o f th e C o m m e r c e C o u r t , a n d n o t c la im t h a t

a n d d e te r m in e q u e s tio n s o f f a c t .

I n o th e r w o r d s , is

ought

to

fa ll

in

w ith

th is

v ie w

of

th e

its ju d g m e n t is n o t s u b je c t to r e v ie w b y a n y a u t h o r it y

th e I n t e r -S t a t e C o m m e r c e C o m m is s io n to b e th e so le

in th e c o u n t r y ’ s s c h e m e o f G o v e r n m e n t .

ju d g e o f th e f a c t s , le a v in g th e C o m m e r c e C o u r t in a n y

h o w e v e r , t h a t sig n s o f fr ic tio n b e tw e e n th e C o m m is s io n

I t a p p ears,

g iv e n ca se to d e c id e m e r e ly if th e C o m m is s io n h a s n o t

and

erred in in te r p r e tin g a n d c a r r y in g o u t th e la w , or is th e

e v id e n c e .

C o m m e r c e C o u r t to h a v e th e r ig h t to r e v ie w b o t h th e

its issu e o f J u n e 2 h a d a n a rticle c itin g se v e r a l in sta n c e s

la w a n d th e fa c ts ?
It

w a s to

th e C o m m e r c e C o u r t a re a lr e a d y v e r y m u c h in
The

“ R a il w a y

W o r ld ”

o f P h ila d e lp h ia in

p o in tin g to a cla sh o f a u t h o r i t y , a n d d e m o n s t r a tin g

b e ex p e c te d

t h a t th e

C o m m is s io n itse lf

th a t

th e

C o m m is s io n

e n te r ta in s

th e

n o tio n

th a t

its

w o u ld u n d e r ta k e to c o m b a t th e id e a t h a t a C o u r t h a d

d e cisio n s o n q u e s tio n o f f a c t m u s t b e r e g a r d e d as final

b e e n c r e a te d to o v e r r u le it o n issu es o f f a c t .

a n d t h a t th e c o u r ts h a v e n o p o w e r to in te r fe r e .

fo r th e p e c u lia r c ir c u m s ta n c e s
sta n ce ,

th e

argu m en t

th a t

e x is tin g

th e

in

E xcept
th is

C om m erce

in­

C o u rt’ s

“ R a il w a y

W o r ld ”

m akes

th e s t a t e m e n t

The

t h a t in

th e

case o f th e R e c e iv e r s ’ & S h ip p e r s ’ A s s o c ia t io n , w h ic h

p o w e rs are lim ite d w o u ld o b v io u s ly p o s s e s s m u c h fo r c e .

cam e

The

v o lv e d a n o rd er o f th e C o m m is s io n fix in g th e 7 0 -c e n t

I n t e r -S t a t e

C om m erce

C o m m is s io n

d e a ls

w ith

u p b e fo r e th e C o m m e r c e C o u r t , a n d w h ic h

in ­

q u e s tio n s o f la r g e i m p o r t , a n d w ith in te r e s ts o f t r e ­

r a te sc a le b e tw e e n

m e n d o u s m a g n it u d e , a n d th e m a t t e r s c o m in g b e fo r e

lic ito r F a r r e ll fo r th e C o m m is s io n w e n t so fa r in h is

it a re s u c h a s r e q u ir e e x p e r ie n c e a n d s p e c ia l k n o w le d g e ,

a sse r tio n s

su ch

t h a t J u d g e s A r c h ib a ld a n d M a c k t o o k m ild e x c e p tio n

as can

o n ly

b e e x p e c te d

in p e rs o n s w h o

have

as

to

C in c in n a ti a n d

th e

a c tio n

of

th e

C h a tta n o o g a , S o ­

C om m erce

C ou rt

m a d e a s t u d y o f th e s u b je c t or h a v e h a d lo n g tra in in g

to s o m e o f th e m o n th e g r o u n d t h a t t h e y w e re in th e

in

n a tu r e o f t h r e a t s .

th e

d is t in c t iv e

w ork

re q u ir e d

of

th em .

W h ere

G o v e r n m e n t b o d ie s o f th is k in d a re e s ta b lis h e d b y th e

O u r c o n t e m p o r a r y s a y s t h a t w h ile

th e S o lic ito r d e n ie d a n y in te n tio n o f th r e a te n in g th e

L e g is la tu r e , it is th e p r a c tic e o f th e c o u r ts to a c c e p t

C o u r t , h e h eld t e n a c io u s ly to h is p o in t t h a t th e C o m ­

th e ir ju d g m e n t as fin al in m a t t e r s o f fa c t a n d t o refra in

m e r c e C o u r t o r o th e r c o u r ts h a d n o r ig h t to co n sid e r

fr o m

th e m s e lv e s as r e g u la tin g b o d ie s su p e rio r to th e I n t e r ­

im p o s in g

th e ir

own

ju d g m e n t.

Of

c o u rse

in

ca se s o f d e m o n s t r a te d in c a p a c it y fo r d e a lin g w ith th e

S t a t e C o m m e r c e C o m m is s io n , a n d

f a c t s , th e c o u r ts w o u ld n o t b e s lo w to s e t a sid e th e

p o in t o u t th e d is t in c t io n , a s h e t h o u g h t , t h a t th e ju r is ­

ju d g m e n t , e v e n w h e re q u e s tio n s o f f a c t a lo n e a n d n o t

d ic tio n o f th e C o m m is s io n is q u a s i-le g is la t iv e a n d t h a t

o f la w w e re in v o lv e d .

of

I n s u c h a c o n t in g e n c y , h o w ­

e v e r , th e error a n d in c a p a c ity w o u ld h a v e to b e fla g ­

th e

C ou rt

w h o lly

ju d ic ia l.

q u o t e d as h a v in g s a id :

h e e n d e a v o r e d to

S o lic ito r

F a rr e ll

is

“ Y o u are a sk e d to t r y to c o n ­

r a n t , fo r n o ju d g e w o u ld t h in k o f s e t t in g u p h is o p in io n

tr o l th e ju d g m e n t o f th e I n t e r -S t a t e C o m m e r c e C o m ­

in a m a t t e r r e q u ir in g s p e c ia l k n o w le d g e as a g a in s t th e

m is s io n , w h ic h is s o m e th in g n e ith e r th is n o r a n y o th e r

o p in io n o f a b o d y o f m e n v e s t e d w ith r e g u la tin g fu n c ­

C o u r t w ill e v e r b e a b le to d o . ”

tio n s a n d s u p p o s e d

t o p o s s e s s th e v e r y q u a lific a tio n s

n e e d e d to r e a ch a c o r r e c t c o n c lu s io n .
That

w o u ld

be

th e

s it u a t io n ,

u n d e r o r d in a r y c ir c u m s t a n c e s .

O b v io u s ly

th is is a v e r y s t r o n g d e c la r a tio n .

t h a t is n o t a ll.

as

a lr e a d y

sta te d ,

B u t o b v io u s ly in th e

&

o f th e B a ltim o r e
th e

But

I n th e c a se in v o lv in g th e a p p lic a tio n

C om m erce

O h io R R .

C o u rt,

a s k in g

a n d o th e r carriers t o
th e

C ou rt

to

s u sp e n d

c a se o f a b o d y v e s t e d w ith s u c h e x t r a o r d in a r y p o w e rs

th e o rd er o f th e C o m m is s io n d ir e c tin g t h e m to cea se

as

d is c r im in a tin g

have

been

c o n fe r re d

upon

th e

I n t e r -S t a t e

Com ­

in

th e

t r a n s p o r t a t io n

of

fu e l

c o a l,

m e r c e C o m m is s io n , th e c ir c u m s ta n c e s a re n o t o r d in a r y .

w h ic h th e C o m m is s io n h o ld s th e carriers d o b y a p p l y ­

T h e y are as e x c e p tio n a l

in g lo w e r r a te s o n fu e l th a n t h e y d o o n c o m m e r c ia l

a re

e x tr a o r d in a r y .

And

as th e C o m m is s io n ’ s p o w e rs
in

r e c o g n itio n

and

appre­

co a l o n a h a u l fr o m

th e m in e to th e ju n c t io n p o in t

c ia tio n o f t h a t f a c t , is th e r e a n y t h in g to p r e v e n t p r o ­

of

v is io n o n th e p a r t o f C o n g r e ss fo r r e v ie w in g th e w o rk

a sk e d a s to w h e th e r th ere w o u ld b e a n y o b je c tio n to

o f th is b o d y in m a t t e r s o f f a c t a s w ell a s o f la w ?

Is

th e

carrier

th a t

u ses

th e

c o a l,

Judge

A r c h ib a ld

a r e s tr a in in g o rd e r a p p lic a b le w h o lly to coa l in te n d e d

it n o t to b e a s s u m e d t h a t t h a t w a s p r e c is e ly th e o b je c t

fo r

th e

a sse rte d t h a t th ere w o u ld , b e c a u s e su c h a n o rd e r w o u ld

F e d e r a l L e g is la tu r e h a d in v ie w in e s ta b lis h in g th e

C o m m e r c e C o u r t?

T h e r e w a s n o n e e d fo r c r e a tin g an

in te r m e d ia te trib u n a l (w e
th e

C om m erce

C o u r t)

to

p ass




m e a n in te r m e d ia t e b e tw e e n

u se

on

lo c o m o t iv e s .

M r.

F a r r e ll,

it

is

sta te d ,

b e a n in te rfe r e n c e w ith th e w o r k o f th e C o m m is s io n
n o t w a r r a n te d b y

th e a s s u m p tio n t h a t th e o rd ers o f

C o m m is s io n a n d th e U . S . S u p r e m e

th e

upon

s u m a b ly la w fu l u n le ss a s t r o n g s h o w in g to th e c o n tr a r y

c o n tr o v e r te d

q u e s tio n s o f la w .

C o m m is s io n

w ere

m ade

fo r

a p u r p o se

and

pre­

THE CHRONICLE

J u n e 17 1911.]

1603

O u r c o n t e m p o r a r y s a y s t h a t S o lic ito r

t io n s a n d p o w e rs w h ic h it w a s c le a r ly th e in te n t o f th e

F a rre ll s t a t e d in a p o in te d m a n n e r t h a t if th e C o m ­

la w m a k e r t h a t it s h o u ld h a v e , o r t h a t th e U n it e d S t a t e s

m e r c e C o u r t h a d ju r is d ic tio n in t h e c a se it w a s m e r e ly

S u p r e m e C o u r t w ill h o ld t h a t th e n e w C o u r t ’ s a u t h o r it y

c o u ld b o m a d e .

to se t a sid e th e o rd e r o f th e C o m m is s io n a n d in d ic a te

a n d ju r is d ic tio n a re to b e n a r r o w ly c ir c u m s c r ib e d in th e

w h e re in

w ay

th e la tt e r h a d e x c e e d e d th e p o w e r g r a n te d to

c o n ten d ed .

And

as

b e a r in g

o u t th is v ie w , w e

“ I t c a n n e v e r b e fo r th is

m a y n o t e t h a t o n M a y 2 2 t h e C o m m e r c e C o u r t issu e d

C o u r t t o s a y w h e th e r , a s a m a t t e r o f f a c t , th is a p p li­

its first d e c r e e , s u s p e n d in g a n o r d e r o f th e I n t e r -S t a t e

it u n d e r th e la w , a d d in g :

c a tio n o f a ra te fo r fu e l co a l d iffe re n t fr o m t h a t a p p lie d

C o m m e r c e C o m m is s io n .

to c o m m e r c ia l co a l is a v io la tio n o f th e d is c r im in a tio n

in th e case in w h ic h t h e F e d e r a l S u g a r R e fin in g C o . is in

a n d u n d u e p referen ce s s e c tio n s o f th e s t a t u t e .”

lit ig a tio n w ith th e B a l t im o r e & O h io , th e C e n tr a l R R .

In

th e

c a r r ie r s,

case o f th e
w h ic h

a lso

N o r fo lk
cam e

&

up

W e ste rn

b e fo r e

and

th e

o th e r

C om m erce

T h e i n ju n c t io n w a s g r a n te d

o f N e w J e r s e y , th e D e la w a r e L a c k a w a n n a & W e s t e r n ,
th e E r i e , th e N e w

Y o r k O n ta r io

& W e s t e r n a n d th e

C o u r t fo r th e p u r p o s e o f p r e v e n t in g p u t t in g in to o p ­

P e n n s y lv a n ia R R . o v e r th e q u e s t io n o f lig h te r a g e a l­

e r a tio n th e lo c a l a n d c la ss r a te s d e c re e d b y th e I n t e r ­

lo w a n c e s .

S t a t e C o m m e r c e C o m m is s io n , th e s c o p e o f th e ju r is ­

m erce

d ic tio n

C o . m o v e d t o d ism iss th e p e tit io n o f th e carriers t o s e t

of

th e

C om m erce

to

th e f r o n t ,

p r o m in e n t ly
porary.

C ourt w as

a g a in b r o u g h t

a c c o r d in g to

our co n tem ­

A t t o r n e y -G e n e r a l B ic k e t o f N o r t h C a r o lin a ,

r e p r e s e n tin g

th e

in te r v e n o r , s t a t e d

th a t

in his e s t i­

The

G o v e r n m e n t,

C o m m is s io n

and

th e

th e

I n t e r -S t a t e

Fed eral

a sid e th e C o m m is s io n ’ s o r d e r .

Sugar

C om ­

R e fin in g

T h e C om m erce C ou rt

d e n ie d th e m o t io n to d ism iss a n d g a v e th e G o v e r n m e n t ,
th e

C om m erce

C o m m is s io n

and

th e

Sugar

com p an y

m a t io n th e r e w e re th re e p r o p o s itio n s b e fo r e th e C o u r t.

t w e n t y d a y s w ith in w h ic h to file a n sw e rs t o th e c a r ­

F i r s t , is th e r a te p r e s c r ib e d so lo w as to m a k e it m a n i­

rier’ s p e tit io n .

f e s t l y b e y o n d th e p o w e r o f th e C o m m is s io n to

m ake?

CURRENT B U ILD IN G OPERATION S.

S e c o n d , are th e lo c a l cla ss r a te s m a d e w it h o u t h a v in g

B u ild in g c o n s t r u c t io n r e p o r ts fo r M a y 1 9 1 1 e v id e n c e

r e c e iv e d th e c o n s id e r a tio n d e m a n d e d b y th e s t a t u te ?
A n d , fin a lly , if th e r a te s a re r e a s o n a b le in th e sen se

c o n s p ic u o u s a c t i v i t y in s o m e s e c tio n s o f th e c o u n t r y

t h a t t h e y are n o t m a n if e s t ly so lo w as to a m o u n t to

a n d ju s t a s m a r k e d la c k o f it in o th e r s , w it h th e a g g r e ­

c o n fis c a tio n , s h o u ld t h e y b e e n jo in e d b e c a u s e o f a n y ­

g a te r e su lt fo r th e U n i t e d S t a t e s a s a w h o le a m o d e r a t e

t h in g

a p p e a r in g

C o u r t?

M r.

in

th e

B ic k e t

reco rd

as

c o n te n d e d

s u b m it t e d

th a t

u n le ss

to

th e

th e y

ap­

p e a r e d so lo w as t o b e c o n fis c a to r y or so h ig h as to be
e x t o r t io n a t e , th e C o m m e r c e C o u r t h a d
e n jo in .

n o p o w e r to

I n t h a t w id e t e r r it o r y , h e a r g u e d , th e C o m m is ­

s io n ’ s p r e s c r ip tio n is o r ig in a l, e x c lu s iv e a n d c o n c lu s iv e .
T h is lin e o f a r g u m e n t , c o u p le d w ith t h a t o f th e C o m ­
m is s io n ’ s r e p r e s e n ta t iv e s , in w h ic h th e r e a p p e a r e d to
b e , s a y s th e “ R a il w a y W o r l d ,”

m o r e o f a n e ffo r t to

c o n tr a c tio n

of

o p e r a t io n s

as

c o r r e sp o n d in g p e r io d o f 1 9 1 0 .
e v e r , t h a t th e fa llin g o ff
-m o r e t h a n
all

c itie s.

at N ew

a c c o u n ts fo r t h e
In

fa c t

th e

com p ared

w ith

th e

I t is t o b e n o t e d ,h o w ­
Y o r k a n d C h ic a g o

d e c lin e

cu rren t

in th e t o t a l fo r

c o m p ila t io n

is

one

o f d e c id e d c o n t r a s t s , a n u m b e r o f th e r a p id ly e x p a n d in g
m u n ic ip a litie s

s h o w in g

g a in s

in

e x c e ss

of

100% ,

w h e re a s o th e r , a n d e q u a lly p r o g r e s s iv e , lo c a litie s r e c o r d
h e a v y d e c lin e s .
B u t g e n e r a lly w h e re t h e r e is a fa llin g o f f , t h e lu ll in

p r o v e th e n a r r o w ju r is d ic tio n o f th e C o m m e r c e C o u r t

b u ild in g

t h a n to d e te r m in e th e r e a s o n a b le n e s s o f th e C o m m is ­

year.

s io n ’ s o r d e r s , le d to a r e m a r k b y R . W . M o o r e , fo r th e

citie s as A t l a n t a , R o c h e s t e r , C o l u m b u s , K a n s a s C it y

N o r fo lk & W e s t e r n , to th e e ffe c t t h a t th e C o m m e r c e

and

C o u r t h a d b e tte r b e d is s o lv e d a n d th e J u d g e s c o m p o s in g

m u n ic ip a litie s t h a t d is p la y e d in 1 9 1 0 g r e a te r a c t i v i t y

it s e n t t o th e ir r e s p e c tiv e c ir c u it s , if it w a s in s tit u te d

t h a n th e r e to fo r e

m e r e ly to b e d ress p a r a d e a n d d o th e v a in t h in g o f

tio n s in 1 9 1 1 .

re g is te r in g th e o rd ers o f th e C o m m is s io n .

M r. M oore

o p e r a tio n s

fo llo w s

e x c e p tio n a l

a c tiv ity

la s t

T h i s , fo r in s t a n c e , is tr u e o f su c h r e p r e s e n ta tiv e

C h ic a g o .

D a ll a s ,

On

th e

o th e r

hand,

som e

le a d in g

s h o w fu r th e r a u g m e n t a t io n o f o p e r a ­

A m o n g th e se m a y b e m e n t io n e d B o s t o n ,

D e t r o i t , H a r t f o r d , J a c k s o n v il le , F l a . ,

L o u is ­

a rg u e d w ith m u c h fo r c e t h a t t h a t is all th e C o u r t w o u ld

v ille , I n d ia n a p o lis , M e m p h is , M in n e a p o lis , N e w H a v e n ,

b e d o in g i f , b y its o w n a c t s , it lim it e d its e lf to th e n a r ­

P o r t la n d , O r e ., a n d R ic h m o n d .

row

fie ld

s u g g e s te d

by

th e

a tt o r n e y s

fo r

th e

com ­

F o r th e 1 1 4 citie s in c lu d e d in o u r c o m p ila t io n th e

p la in a n ts a n d th o s e fo r th e I n t e r -S t a t e C o m m e r c e C o m ­

c o n t e m p la t e d e x p e n d itu r e u n d e r t h e b u ild in g

p e r m its

m issio n a n d th e G o v e r n m e n t .

issu e d in M a y

a g a in s t

W e h a v e a lr e a d y in d ic a te d o u r o w n o p in io n t h a t it
w a s in te n d e d t h a t th e C o m m e r c e C o u r t s h o u ld
p o w e r to r e v ie w th e fa c t s as w e ll as th e la w .

have

I t se e m s

to us t h a t a n y o th e r v ie w w o u ld b o c le a r ly u n te n a b le ;
in d e e d , t o h o ld t h a t th e I n t e r -S t a t e C o m m e r c e C o m ­
m is s io n — v e s te d as it h a s b e e n w ith a r b itr a r y a n d a l­
m o s t d e s p o tic p o w e rs o v e r th e t r a n s p o r t a t io n

in d u s ­

t r y , w ith its e n o r m o u s c a p ita l i n v e s t m e n t s , a n d th e
o p e r a tio n s o f w h ic h a ffe c t d ir e c tly or in d ir e c tly all th e
a c tiv itie s o f th e w h o le p o p u la t io n in th e ir d a ily life —
p o sse sse s

unchecked

a u t h o r it y b e y o n d

ipse dixit

c o n t r o l,

its o w n

and

is a m e n a b le to no

v o lit io n , t h a t its

w o rd

or

is fin a l, is to e n u n c ia te a r e v o lt in g a n d m o n ­

s tr o u s d o c tr in e .

I t is a d o c tr in e , t o o , w h o lly u n -A m c r -

$ 8 1 ,2 1 8 ,3 8 5

in

1911
th e

a g g r e g a te d
m o n th
1909

of

$ 7 6 ,4 5 3 ,1 2 4 ,

1910,

or

a

d e c lin e

of

5 .9 % ;

c o m p a r e d w ith

th e r e is a lo ss o f n e a r ly

20% .

A s c o m p a r e d w ith 1 9 0 8 (th e lo w fig u res r e a c h e d

a fte r th e p a n ic o f 1 9 0 7 ) , a n in c re a se o f 4 0 . 3 %
corded.

T h e d e c lin e fr o m

is re­

la s t y e a r in G r e a te r N e w

Y o r k is 1 4 . 5 % , th e b o r o u g h s o f M a n h a t t a n a n d B r o n x
e x h ib it in g

r a th e r h e a v y lo sse s a n d

sp ic u o u s in c re a se .

B r o o k ly n

a con­

O u ts id e o f N e w Y o r k , 7 1 o u t o f 1 1 3

c itie s r e p o r t g a in s o v e r a y e a r a g o in M a y , b u t th e
t o t a l e s t im a t e d d is b u r s e m e n ts a t $ 5 7 ,3 7 3 ,2 6 1 is 2 . 6 %
le ss t h a n th e a g g r e g a te fo r th e m o n t h in 1 9 1 0 , r e c o r d in g
a lso a d e c re a se o f 1 2 . 8 %
a lm o s t 4 0 %

fr o m

1 9 0 9 , b u t an excess o f

o v e r th e s m a ll t o t a l o f

1908.

T h e de­

crea se fr o m la s t y e a r in th e a g g r e g a te o f th e s e o u ts id e
c itie s is e a s ily e x p la in e d b y th e im p o r t a n t fa llin g o ff

ic a n a n d o u t .'of k e e p in g w ith th e c o u n t r y ’ s tr a d itio n s

a t C h ic a g o , w h ic h in tu r n is a s c r ib a b le t o th e b r ic k ­

a n d th e sp irit o f its in s t it u t io n s .

la y e r s ’ str ik e a t t h a t c i t y , w h ic h c o n tin u e d th r o u g h o u t

W e d o n o t im a g in e fo r a m o m e n t t h a t th e C o m m e r c e
C o u r t w ill v o lu n t a r ily d e n y to its e lf a n y o f th e fu n c ­




th e m o n t h , th r o w in g t h o u s a n d s o u t o f w o r k a n d t y in g
u p p r a c tic a lly all b u ild in g o p e r a t io n s .

T h e s tr ik e w a s

1604

THE CHRONICLE

s e t t le d la s t w e e k u n d e r a c o m p r o m is e a ssu r in g to th e
m e n la s t y e a r ’ s w a g e -s c a le .
F o r th e fiv e m o n t h s o f th e c a le n d a r y e a r 1 9 1 1 , g a in s

o w in g to

114

th e c o n s id e r a b le d im in u tio n a t

N e w Y o r k a n d C h ic a g o , th e n e t r e s u lt fo r th e w h o le
c o u n t r y is a d e c lin e o f 1 0 %
1910,

th e

e x p e n d itu r e s

$ 3 3 3 ,2 4 7 ,3 8 7

and

fr o m

arran ged

$ 3 7 0 ,1 8 0 , 3 1 3 ,

th e lik e p e rio d o f
fo r

h a v in g

been

r e s p e c t i v e l y ." T h e r e

is a lso a loss o f 1 2 j / £ % fr o m 1 9 0 9
a s c o n tr a s te d w it h 1 9 0 8 .

b u t a g a in o f 5 1 . 9 %

T h e re s u lt fo r th e p e rio d in

G r e a te r N e w Y o r k is a fa llin g o ff o f 1 8 . 9 % , as c o m p a r e d
w ith 1 9 1 0 , a d e c re a s e o f 3 4 . 0 %
crea se o f 0 4 . 1 %

t a g e , n a m e ly th e

fa c t

t h a t A p r il 1 9 1 1 h a d fiv e S u n ­

d a y s , w h e re a s A p r il 1 9 1 0 h a d o n ly fo u r S u n d a y s , g iv ­

a n d lo sse s a re a b o u t e q u a lly d iv id e d a m o n g th e
c it ie s , b u t ,

[VOL. LXXXXII.

over 19 08 .

fr o m 1 9 0 9 , b u t a n in ­

O u ts id e o f N e w Y o r k th e

in g , th e r e fo r e , th e p r e se n t y e a r o n e less w o r k in g d a y .
O n th e o th e r h a n d — a n d t h a t is d o u b tle s s th e m o r e i m ­
p o r t a n t c ir c u m s ta n c e in th e c o m p a r is o n s — la rg e b o d ie s
o f r o a d s e s c a p e d in A p r il 1 9 1 1 w h ic h a lo ss o f tr a ffic
t h e y h a d e x p e r ie n c e d in A p r il 1 9 1 0 .

W e refer to th e

c ir c u m s t a n c e t h a t la s t y e a r in t h a t m o n t h th ere w a s a
p r e t t y g e n e r a l s u sp e n sio n o f m in in g in la rg e s e c tio n s
o f th e b it u m in o u s c o a l re g io n s in v a r io u s p a r ts o f th e
co u n try ,

t h i s s u sp e n sio n

o f w o r k a t th e m in e s in ­

v o lv e d a c o n sid e r a b le d im in u tio n in coa l tr a ffic o v e r
m a n y roa d s.

E x c e p t in sp e c ia l in sta n c e s th is lo ss o f

1 9 1 1 t o t a l fa lls b e lo w t h a t o f 1 9 1 0 b y 0 . 0 % , record s

co a l t r a ffic w a s n o t t h e n re fle c te d in th e t o t a l e a r n in g s

o n ly a n o m in a l lo s s

19 09 and exceeds 1908 b y

o f th e r o a d s , b e c a u s e o u r in d u strie s w ere a t th e t im e

C a n a d ia n b u ild in g o p e r a tio n s c o n tin u e u n p r e c e d e n t­

d ise a n d g e n e r a l tr a ffic s e r v e d to o ffse t th e loss in th e

fr o m

in a s t a t e o f g r e a t a c t i v i t y , a n d g a in s in th e m e r c h a n ­

4 8 .3 % :

e d ly a c t iv e

in w e s te r n s e c tio n s o f th e D o m in io n , th e

coa l

to n n a g e.

The

p resen t y e a r ,

h o w e v e r , th e fa c t

r e s u lt o f th e im p o r t a n t a d d itio n s t o p o p u la t io n , a n d

t h a t th e c o a l tr a ffic in 1 9 1 0 , w ith w h ic h c o m p a r is o n

e v e n in m a n y o ld e r citie s w o r k p r o c e e d e d d u r in g M a y

is

o n a la rg e r sc a le th a n a y e a r a g o .

c o u n ts as a n im p o r t a n t a d v a n t a g e .

A t th is d a t e r e tu rn s

b e in g

m ade,

w as

in

m any

in sta n c e s

very

s m a ll,

fr o m o n l y a lim ite d n u m b e r o f c itie s are a t h a n d , b u t in

A s fa r a s th e g r e a te r c o n t r a c t io n in e x p e n s e s is c o n ­

th e a g g r e g a te t h e y in d ic a te t h a t th e c o n tr a c ts e n te r e d

c e r n e d , it is n o t p o ssib le t o ju d g e to w h a t e x t e n t it r e p ­

in to d u r in g th e m o n t h c a lle d fo r a n e x p e n d itu r e e x ­

r e se n ts a g e n u in e

c e e d in g b y o v e r 7 5 % th e e s t im a t e d o u t la y ofJVIay 1 9 1 0 .

e n fo r c e d e c o n o m ie s .

•*' \( I > \

e a r n in g s

o f U n it e d

S ta te s

r a ilr o a d s

fo r

th e

m o n t h o f A p r i l , as d is c lo s e d b y o u r c o m p ila t io n s t o ­
d a y j r e v e a l n o c h a n g e in c h a r a c te r fr o m
fo r

th e

m o n th s

im m e d ia t e ly

p r e c e d in g .

th e r e tu rn s
There

is a

lo ss in b o t h t h e g ro ss a n d th e n e t a s c o m p a r e d w ith
la s t y e a r .

T h e c o m p a r is o n s o n th e w h o le , h o w e v e r ,

are n o t as p o o r as t h e y w e re in M a r c h .

I n th e n e t ,

in d e e d , th ere is decided> i m p r o v e m e n t , th e fa llin g o ff
b e in g v e r y m u c h s m a lle r t h a n t h a t r e c o r d e d in M a r c h ,

in m o s t r ig o ro u s fa s h io n .
c a se o f th e
th e m o n t h

e x p e n s e a c c o u n ts in A p r i l .

T h is c u r t a ilm e n t in o u t ­

la y s w a s , o f c o u r s e , fo r c e d u p o n th e r o a d s b y th e sh r in k ­
in

g ro ss

econom y

r e c e ip ts ,

w h ic h

m akes

th e

p r a c tic e

in o p e r a tio n s u r g e n t a n d n e e d fu l.

e x t e n t t h a t th e c u t t in g -d o w n

To

of
th e

o f th e e x p e n s e s r e p re ­

s e n ts a real s a v in g it is o f c o u rse a n e n c o u r a g in g fe a ­
tu re .

O n th e o th e r h a n d , t o th e e x t e n t t h a t it m e a n s

th e p a r in g d o w n o f re p a irs a n d r e n e w a ls it w e a r s a d if­
fe r e n t a s p e c t— in d ic a tin g t h a t o u t la y s t h a t w o u ld o rd i­
n a r ily h a v e b e e n m a d e a t th is tim e h a v e b e e n d e fe rre d

S t a t e d in b r ie f, g ro ss e a r n in g s w e re $ 7 , 4 4 6 , 0 4 9 less
t h a n in A p r il la s t y e a r , b e in g a d e c re a s e o f 3 . 3 3 % , a n d
th is lo s s w a s m e t b y a r e d u c tio n o f $ 5 , 3 6 2 , 2 0 8 in e x ­
le a v in g

3 .1 6 % .

th e

d e c re a s e

in

net

$ 2 ,0 8 3 ,8 4 1 ,

or

H o w m u c h b e t te r th is is t h a n .w as th e r e su lt

fo r th e m o n t h o f M a r c h w ill a p p e a r w h e n w e s a y t h a t
in M a r c h

th e d e c re a se in g ro ss w a s $ 1 1 , 2 4 9 , 1 3 3 ,

or

4 . 7 6 % , w h ile th e r e d u c tio n in e x p e n s e s w a s o n ly $ 2 , ­
0 9 4 , 5 0 8 , le a v in g a d e c re a s e in n e t in a m o u n t o f $ 9 , ­

April (777 roads) —
Miles of road........ .
Gross earnings.......... ’
Operating expenses...

19X1.
.
236.793
S215.799.079
■ 151.908.511

Net earnings................... *63.890.568

1910.
233.082
*223.245,128
157.270,719
S65.974.409

—Increase or Decrease—
Amount.
%
Inc.
3.711
1.60
Dec. *7.446.049
3.33
5.362,208
3.41
Dec.
Dec. S2.083.841

3.16

I h e d im in is h e d a m o u n t o f lo s s in A p r il in th e g ro ss
appear

T h is sh o w s

(in c lu d in g all lin es

to

p o sse ss

fa r as c a n b e j u d g e d .

no

sp e c ia l

s ig n ific a n c e ,

as

O n th e o n e h a n d , th e r o a d s all

o v e r th e c o u n t r y la b o r e d u n d e r a c o m m o n d is a d v a n -




fo r

ow ned,

th e

c o m b in e d

E a ste rn

v e r y c o n s id e r a b le s u m

and

W e ste rn

sy ste m s

of $ 1 ,4 5 1 ,0 0 4 .

in

th e

T h e im p r o v e ­

m e n t is d u e t o th e fa c t t h a t , w ith a lo ss o f o n ly $ 2 0 2 ,6 2 9
in g r o s s , th e r e w a s a r e d u c tio n in e x p e n se s o f n o le ss
t h a n $ 1 ,6 5 3 , 6 3 3 .

I n M a r c h th e r e w a s a lo ss in g ro ss

in th e la rg e s u m o f $ 1 , 8 7 5 , 8 0 2 , a t t e n d e d b y a lo ss o f
$ 8 2 0 ,4 2 2 in n e t .
back n ow

to la s t y e a r , w e find t h a t th e

P e n n a . R R . in A p r il

T u r n in g

1 9 1 0 g a in e d in g ro ss $ 2 , 5 1 4 , 1 7 5 ,

b u t t h a t th is b r o u g h t w ith it a n a d d it io n to n e t in th e
m e r e ly triflin g s u m

o f $ 6 2 ,3 5 0 .

E x p e n s e s t h e n w ere

risin g in e v e r y d ir e c t io n , b u t w h a t a t t r a c ts p a r tic u la r
a t t e n t io n is t h a t th e c u r t a ilm e n t o f e x p e n s e s th e p r o se n t y e a r h a s b e e n a lm o s t e n tir e ly in th e m a in te n a n c e
o u t la y s .
s y lv a n ia
v a n ia

W e h a v e n o t t h e d e ta ils fo r th e w h o le P e n n ­
R a ilr o a d

R a ilr o a d

sy ste m ,

proper

but

t a k in g

(c o v e r in g

P h ila d e lp h ia a n d N e w Y o r k

and

th e

th e

P e n n s y l­

lin es

b e tw e e n

P it ts b u r g h ) w o fin d
in e x p e n se s

as a w h o le , th e m a in t e n a n c e o u t la y s w e re c u t d o w n n o
less t h a n

$ 7 4 3 ,7 3 1 ; th e

t r a n s p o r t a t io n

exp en ses a nd

th e g e n e r a l e x p e n s e s w e re a c t u a lly s o m e w h a t la r g e r ,
n o t w it h s ta n d in g
h a n d le d .

th e

d im in is h e d

o f th e m a in t e n a n c e o u t la y s .

pany

am ount

of

tr a ffic

T h e W e s t e r n lin es s h o w a lik e c u t t in g d o w n
T h e P e n n s y lv a n ia

Com­

d e c re a se d e x p e n se s as a w h o le d u r in g th e m o n t h

$ 5 1 5 ,9 0 5 , o f w h ic h $ 4 3 0 ,5 7 0 c a m e fr o m a d e c re a se in
th e

m a in t e n a n c e

d is b u r s e m e n t s ,

and

th e

P it ts b u r g h

C in c in n a ti C h ic a g o & S t . L o u is r e d u c e d e x p e n s e s a s a

1 5 4 ,6 2 5 , o r 1 1 . 7 7 % .

w o u ld

u n d e r r e v ie w

R a ilr o a d .

t h a t , w it h a t o t a l r e d u c tio n o f $ 6 8 8 ,6 5 3

t o t h e fu t u r e .

pen ses,

W e m a y illu s tr a te b y th e

P e n n s y lv a n ia

le a s e d , o p e r a te d a n d c o n tr o lle d ) a n in cre ase in n e t o n

d u e m a in ly to th e g r e a te r c u r t a ilm e n t e ffe c te d in th e

age

a n d to w h a t e x t e n t m e r e ly

T h e r e is , h o w e v e r , e v id e n c e g o ­

in g to s h o w t h a t m a in t e n a n c e o u t la y s h a v e b e e n p r u n e d

'.:

R A ILR O AD GROSS A N D N ET E ARN IN GS FOR
■ .
•
A P R IL .
G ro s s

s a v in g

w h o le $ 4 2 2 ,5 7 6 , o f w h ic h $ 3 4 0 ,8 5 9 w a s c o n t r ib u t e d b y
th e m a in t e n a n c e d e p a r t m e n t s .
S p e a k in g o f th e r o a d s c o lle c t iv e ly , th e fe a t u r e o f in ­
crea se d e x p e n s e s w a s v e r y p r o m in e n t la s t y e a r , a n d
t h a t in a m e a s u r e fu r n ish e d a b a sis fo r c o n tr a c tio n th e
p r e se n t y e a r .

A c c o r d in g to o u r o w n c o m p ila tio n s

at

t h a t t i m e , c o v e r in g 2 2 8 ,9 7 3 m ile s o f lin e , th e r e w a s a n
in c re a se in g ro ss a s c o m p a r e d w ith 1 9 0 9 o f $ 2 7 , 1 6 4 , 0 9 6 ,

o r 1 4 % , a tt e n d e d b y a n a u g m e n t a t io n in e x p e n s e s o f
$ 2 3 , 5 8 5 , 5 4 8 , o r 1 7 . 8 0 % , le a v in g , t h e r e fo r e , a g a in in
n e t o f o n ly $ 3 ,5 7 8 , 5 4 8 , o r 5 . 8 1 % .

A c c o r d in g t o th e

fig u re s is s u e d s o m e t im e la te r b y t h e I n t e r -S t a t e C o m ­
m e r c e C o m m is s io n , a n d

c o v e r in g 2 3 9 ,7 9 3

m ile s , th e

in cre ase in g ro ss w a s $ 2 8 , 8 3 1 , 3 9 7 , w it h o n ly $ 4 ,3 1 6 ,2 3 6
g a in in n e t .

I n 1 9 0 9 , it n e e d h a r d ly b e s a id , th e re w a s

v e r y s u b s ta n tia l im p r o v e m e n t in b o t h g ro ss a n d n e t ,
fo llo w in g th e tr e m e n d o u s lo s s e s o f th e y e a r p r e c e d in g .
A c c o r d in g to t h e fig u res o f th e I n t e r -S t a t e C o m m e r c e
C o m m is s io n , t h e re su lts th e n s h o w e d $ 2 1 ,9 2 1 ,5 0 0 g a in
in g ro ss a n d $ 1 1 ,5 9 3 ,0 8 7 g a in in n e t .
ever,

th e

r e g iste r e d

lo s s e s
by

w e re

our

In 1908, how ­

o f p r o d ig io u s

m a g n it u d e .

t a b le s , th e r e w a s

a

d e c re a se

As
th e n

o f $ 3 0 ,5 4 4 ,9 4 3 in th e g ro ss a n d o f $ 1 0 ,0 9 5 ,1 2 1 in th e
n et.

1605

THE CHRONICLE

J u n e 17 1911. i

B u t th is b y n o m e a n s r e p r e s e n te d th e fu ll a m o u n t

o f th e l o s s , as t h e a g g r e g a te s w e re b a s e d o n o n ly 1 5 3 ,0 0 7
m ile s o f r o a d , w h e re a s th e t o t a l r a ilr o a d
t h e c o u n t r y w a s clo se t o 2 3 0 ,0 0 0 m ile s .

m ile a g e o f

C a r e fu l c o m ­

p u t a t io n m a d e b y u s la te r in t h e y e a r in d ic a te d t h a t
fo r t h e w h o le r a ilr o a d s y s t e m o f t h e c o u n t r y th e lo s s in
g ro ss in A p r il 1 9 0 8 m u s t h a v e b e e n n o le ss t h a n $ 4 5 , ­
0 0 0 ,0 0 0 a n d t h e lo s s in n e t a b o u t $ 1 6 , 0 0 0 , 0 0 0 .

I n th e

fo llo w in g w e g iv e t h e A p r il fig u res b a c k to 1 8 9 6 .

For

NOTE.—Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, andjtbe
extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buftalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
cast of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota',
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX . combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south of
Denver; the whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest comer of the State through
Santa Fc and east of a line running from Santa Fe to El Paso.
Group X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah;
and Arizona, and the western part of New Mexico.

A s fa r a s t h e s e p a r a te ro a d s are c o n c e r n e d , t h e lis t o f
d e c re a se s is a lo n g o n e in b o t h g ro ss a n d n e t , n o t w it h ­
s t a n d in g t h a t t h e fa llin g o ff in n e t b y t h e r o a d s c o lle c ­
t iv e l y is o n a d im in is h e d s c a le .

O w in g t o t h e c o n tr a c ­

t io n in t h e e x p e n s e a c c o u n t s , s o m e ro a d s w h ic h h a v e
s u s ta in e d lo sse s in g ro ss are a b le to s h o w g a in s in n e t ,
w h ile in n e a r ly a ll in s ta n c e s w h e re th e r e is a lo s s in
b o t h g ro ss a n d n e t , t h e lo s s in n e t is o n a g r e a t ly r e ­
d u c e d s c a le .

T h e N e w Y o r k C e n t r a l, a s it h a p p e n s ,

h a s $ 6 1 5 ,8 0 8 in cre a se in g r o s s , w i t h $ 3 5 l j 2 5 2 in c re a se in
n e t , b u t la s t y e a r , w it h $ 3 6 3 ,1 8 9 g a in in g r o s s , t h a t
r o a d h a d $ 3 1 4 ,1 4 9 lo ss in n e t , a n d it w a s g e n e r a lly u n ­
d e r s to o d t h a t s o m e e x t r a ite m s e n te r e d in to t h e e x ­
p e n se a c c o u n ts a t t h a t t im e .

b u t fo r

t r o lle d r o a d s , t h e w h o le g o in g t o fo r m t h e N e w Y o r k

th e

r e su lts j u s t

as

System ,

I n c lu d in g

a u x ilia r y

and

con­

r e g is te r e d b y o u r o w n t a b le s e a c h y e a r — a p o r tio n o f

C e n tra l

t h e r a ilr o a d m ile a g e o f th e c o u n t r y b e in g a lw a y s u n ­

$ 8 6 3 ,8 9 9 in g ro ss w it h a g a in o f $ 2 9 3 ,3 6 2 in n e t .

r e p r e s e n te d in t h e t o t a l s , o w in g to th e re fu sa l o f s o m e

y e a r th e r e s u lt fo r t h e N e w Y o r k C e n tra l

o f th e r o a d s t o fu r n is h m o n t h ly figu res fo r p u b lic a t io n .

g a in o f $ 1 , 7 3 7 ,3 7 6 in g ro ss w ith a lo ss o f $ 5 ,5 1 4 in n e t .

Year
Given.

Year
Preceding.

Increase or
Decrease.

April.
S
%
$
+841,766
1896 . . . 50,608,569 49,766,803
+46,289
1897 . . . 54,751,130 54,704,841
1898 . . . 63,443,166 55,427,918 +8,015,248
1899 . . . 68,357,884 64,888,200 +3,469,684
1 9 0 0 .. 78,077,472
.
68,313,028 + 9.764.444
1901 . . . 94,439,377 84,331,412 + 10,107,965
1902 . . . 100,562,300 91,394,164 + 9,168,136
1903 . . . 107,517,310 94,172.420 + 13,344,890
1904 . . . 98,798,874 100.535,597 — 1,736,723
1905 . . . 111,860,721 104,474,716 +7,386,005
1 9 0 6 .. 109,998,401
.
104,598,565 +5,399.836
1907 . . . 142,884,383 115,863,354 +27,021,029
1908 . . . 134,513,535 165.058,478 —30,544,943
1909 . . . 196,993,104 175,071,601 +21,921,500
1 9 1 0 .. . 225,856,174 197,024,777 +28,831,397
1911 . . . 215,799,079 223.245,128 -7,446,049

Year
Given.
5
14,484,626
15,419,768
18,740,860
20,458,833
23,300,034
29,511,141
31,260,129
33,892,999
28.552.275
31,958,503
31,548,660
42,521,549
37,441,089
62.380,527
66.725,896
63,890.568

Year
Preceding.

Increase or
Decrease.

$
S
14.657.119
— 172,493
14,974,156
+445,612
15,695,627 +3,045,233
19,119,604 + 1,339,229
20,416,810 +2,883,224
24,975,196 +4,535,945
27.891.119 +3,369,010
29,788,830 +4,104,169
31,092,626 —2,540,351
30,192,485 + 1,766,018
30,137,596 + 1,411,064
33,639,112 +8,882,437
47,537,110 — 10,095,121
50,787,440 + 11,593,087
62,409,630 +4,316,236
65,974,409 — 2,083,841

Note.—Includes for April 129 roads In 1896; 127 In 1897; 134 In 1898; 124 lnl899;
127 In 1900; 127 In 1901, 120 In 1902; 109 In 1903; 96 In 1904; 96 In 1905; 91 In 1906
91 In 1907; In 1908 the returns were based on 153,007 miles of road; In 1909, 233,829;
in 1910, 239,793; In 1911, 236,793. Neither the Mexican roads nor the coal-mining
operations of the anthracite coal roads are Included In any of these totals.

W h e n t h e r o a d s are a rr a n g e d in g r o u p s , it is fo u n d
t h a t th e lo ss in g ro ss h a s b e e n g e n e r a l, e v e n t h o u g h n o t
v e r y la rg e in r a tio e x c e p t in o n e in s ta n c e .

E v e r y geo­

g r a p h ic a l d iv is io n s h o w s a d e c re a se e x c e p t th e

N ew

E n g la n d g r o u p , w h e re th e r e is a s lig h t in c r e a s e , a n d th e
M id d le W e s t e r n g r o u p , w h e re th e re is a tr iflin g g a in . I n
t h e n e t , t w o o f th e g e o g r a p h ic a l d iv is io n s s h o w b e t te r
in fa c e o f t h e s m a lle r g r o s s , a n d th u s w e see re­
fle c te d th e p a r t p la y e d b y r e d u c e d e x p e n s e s in b rin g ­
in g im p r o v e m e n t in n e t .

T h e g ro u p s r e c o r d in g im ­

p r o v e d n e t a re G r o u p 2 , c o m p o s e d o f E a s t e r n a n d M id ­
d le r o a d s , a n d G r o u p 3 , c o m p r is in g th e r o a d s in th e
M id d le W e s t .

O u r s u m m a r y b y g ro u p s is a s fo llo w s :
SUMMARY BY GROUPS.
---------------------Gross Earnings--------------------1911.
1910.
Inc.(%)or Dec.t,—).
$
3
S
%
10.761,765 10,647,234
+114,531 1.08
54.472.139 54,671.109
— 198,970 0.36
29.388,354 29,336.371
+51,983 0.18
28,357,192 28,877,087
—519,895 1.80
45,595,616 49,935,658 — 4,340,042 8.69
34.115,986 35.653,213 — 1,537.227 4.31
13,108.027 14,124,456 — 1,016,429 7.19

April—
Section or Group—
Group 1 (29 roads), New England----Group 2 (137 roads). East & Middle..
Group 3 (98 roads), Middle Western-Groups 4 & 5 (151 roads). Southern...
Groups 6 & 7 (115 roads), Northwcst’n
Groups 8 & 9 (184 roads), Southwcst’n
Group 10 (63 roads). Pacific Coast___

Total (777 roads)..............................:215,799,079 :223,245.128
------Mileage-----1911.
1910.
Group No. 1............
Group No. 2 ............
Group No. 3 ............
Groups Nos. 4 * 5 . .
Groups Nos. 6 & 7 ..
Groups Nos. 8 Sc 9 ..
Group No. 10..........

7,814
25,978
25.876
40.025
65.407
55,591
16,102




7,738
26,012
25,789
39.629
63.882
54,586
15,446

t h e p r e s e n t y e a r is a lo s s o f
L ast

System

w as a

A m o n g t h e r o a d s w h ic h t h e p r e s e n t y e a r w e re a b le

Net Earnings.

Gross Earnings.

th e r e s u lt

th e

for the’

C e n tra l

p r e c e d in g y e a r s w e g iv e

proper.

T h e s e fig u res are

1 9 1 0 a n d 1 9 0 9 w e u se th e I n t e r -S t a t e C o m m e r c e t o t a l s ,

—7,446,049

3.33

1911.
$
3,206,668
18,244,337
7,491.375
8,454,011
12,889,478
8,369,479
5,235,220

1910.
S
3.421.019
17.890,485
6,860,494
9,494,407
14.192.773
8,429,550
5.685,681

Increase ( + ) or
Decrease ( - - ) .
$
%
—214,351 6.27
+353,852 1.98
+ 630,881 9.20
— 1,040,396 10.96
— 1,303,295 9.18
—60,071 0,71
—450,461 7.92

63,890,568

65,974,409

—2,083,841

3.16

t o o v e r c o m e a lo ss in g ro s s b y r e d u c e d e x p e n s e s m a y b e
m e n t io n e d
$ 5 0 8 ,4 5 5
n et.

p a r tic u la r ly

th e

A t c h is o n ,

w h ic h ,

w it h

d e c re a se in g r o s s , h a s $ 2 2 6 ,6 3 3 in c re a se in

T h ere

seem s

n o t h in g

very

r e m a r k a b le

about

th is w h e n it is n o t e d t h a t la s t y e a r in A p r il t h e A t c h i ­
s o n , w ith $ 1 , 3 5 7 , 3 9 2 g a in in g r o s s , r e p o r te d a lo ss o f
$ 4 3 2 ,3 0 4 in n e t .

T h e C h ic a g o B u r lin g t o n & Q u in c y ,

w ith $ 3 8 0 ,2 8 3 d e c re a se in g r o s s , h a s $ 1 4 9 ,8 8 9 in c re a se
in n e t .

I n th is c a se t h e p r e v io u s y e a r 's re su lts w e r e

n o t e x c e p t io n a l, th e r e h a v in g t h e n b e e n $ 7 4 8 ,9 9 5 in ­
c rease

in

g ro ss

and

$ 4 7 1 ,6 9 8

in c re a se

in

n e t.

The

N o r th e r n P a c ific , w it h a lo s s o f n o le ss t h a n $ 1 , 1 7 7 ,2 0 4
in g r o s s , h a s o n l y $ 4 1 ,5 4 3 d e c re a se in n e t .

I n A p r il

1 9 1 0 , h o w e v e r , t h e N o r t h e r n P a c i f i c , t h o u g h h a v in g
a d d e d $ 9 0 5 ,2 9 4 t o g r o s s , fe ll $ 2 3 6 ,9 4 5 b e h in d in n e t .
A n d m a n y o th e r illu s tr a tio n s m ig h t b e g iv e n t o s h o w
t h a t t h e d is p a r ity in r e s u lts t h e p r e s e n t y e a r h a s fo l­
lo w e d in c o n sid e r a b le m e a s u r e fr o m

d isp a r itie s

o n th e

o th e r sid e o f t h e a c c o u n ts in 1 9 1 0 .
I n t h e fo llo w in g w e s h o w a ll c h a n g e s fo r th e s e p a r a te
r o a d s fo r a m o u n t s in e x c e s s o f $ 1 0 0 ,0 0 0 , w h e th e r in ­
crease s o r d e c r e a s e s , a n d in b o t h g ro ss a n d n e t :
P R IN C IP A L CH AN GES IN QROSS E A R N IN G S IN A P R IL .
Increases.
utf.raises.
N . Y . Central & Hud R lv . a$615,808 Chesapeake & O hio______ $286,338
San Pedro L A & S L ____
477,166 Chicago & North Western
268,520
Chicago & Eastern Illinois
185,516 Louisville & Nashville____
266,900
B ud R och & P itts b u rg h ..
172,924 Minn St Paul & S S M ____
254,884
T oledo & Ohio C e n t r a l...
162,388 Missouri P acific___________
250,724
E r ic ______________________
126,499 Norfolk & W estern______
248,745
CIcvc CIn Chic & St L ouis.
124,195 Missouri Kansas & T exa s.
230,542
Chicago & A lton ________
113,871 Colorado & Southern____
208,294
R ock Island_____________
106,942 Philadelphia & R e a d in g ..
189,889
Delaware Lack & Western
188,383
Representing 9 roads In
Chic Mllw & Puget S ound .
161,300
our com pilation_____ $2,085,309 Duluth & Iron R ange____
156,326
Texas & P acific-----------------143.756
Decreases. Chicago Great W estern. . .
132,809
Northern Paclllc_________ $1,177,204 Denver & R io Grande____
124,613
Chic Mllvv & St P aul_____
708,573 Elgin Joliet & E a s t e r n ...
123,518
121,027
Union Paclllc____________
841.493 Kansas City Southern____
118,725
Great Northern......... .........
648,792 Lehigh V alley______________
Southern Paclllc------------609.503 El Paso & South W estern.
116,249
A tch T opeka & Santa F c .
508,455 Pere M arquette___________
110,351
Baltimore & O hio_______
453,622 Bessemer & Lake E rie___
108,375
Chicago Burl & Q u in cy .. .
380,283
Pennsylvania...............
j/360,701
Representing 31 roads In
our com pilation_____ $9,793,693
Duluth Mlssabe & N orth.
294,799
N ote.— All the figures In the above are on the basis o f the returns filed
with the Inter-State Commerce Commission. W here, however, these
returns d o not show tho total for any system , we have com bined th e
separate roads so as to make the results conform as nearly as possible to
those given In tho statements furnished b y the companies themselves.

1606

THE CHRONICLE

■ a These figures cover incrclyTthe operations of the New York Central
I tself. Including the various auxiliary and controlled roads, like the Michi­
gan Central, the Lake Shore, the “ Big F our,” the "N ickel P late,” & c., the
whole going to form the New York Central System, the result is a loss
of $8(53,890.
V These figures represent the lines directly operated cast and west of
Pittsburgh, Eastern lines showing $113,707 decrease and the W estern lines
$2-16,994. For all lines owned, leased, operated and controlled, the result
for the m onth Is a loss of $202,629.
P R IN C IP A L CHANGES IN N E T E A R N I N G S I N A P R I L .
TT) rrp n v p ?
T'lpptpn
P e n n s y lv a n ia ....... .......... tf$l, 266,438 M is s o u r i P a c if i c .......................... $ 2 9 3 , 1 7 2
R ock Island_____________
398,824 B o s t o n & M a i n e ___________
2 7 4 ,3 6 4
N Y Central & Hud R iver a351,252 P h i l a d e l p h i a & R e a d i n g . .
2 6 7 ,2 6 7
Baltimore & O h io_______
281,155 D u l u t h M Is s a b c & N o r t h .
2 6 1 ,7 3 6
San Pedro L A & S L ____
249,016 C h e s a p e a k e & O h i o _______
2 5 3 ,4 5 0
A tch Topeka & Santa F e.
226,633 N o r f o lk & W e s t e r n _______
2 5 3 ,4 2 1
Chicago & Eastern Illinois
153,125 C h ic M ilw & P u g e t S o u n d .
2 3 8 ,2 2 1
Chicago Burl & Q u in cy___
149,889 P c r e M a r q u e t t e ___________
2 2 6 ,7 5 9
Vandalia ________________
124,425 L o u is v ille & N a s h v i l l e ____
2 0 7 ,9 7 3
T oledo & Ohio C e n tra L ..
113,855 G r e a t N o r t h e r n ___________
2 0 0 ,1 4 3
Buffalo R ocli & Pittsburgh
110,106 M ic h ig a n C e n t r a l ____ _____
1 9 7 ,4 3 7
W est Jersey & S eash ore..
104,637 B e s s e m e r & L a k e E r i e ___
1 4 0 ,3 6 9
C in e N e w O rl & T e x P a c . .
A t l a n t i c C o a s t L i n e _______
D u l u t h & I r o n R a n g e ____
D e n v e r & R io G r a n d e . . .
T e x a s * P a c i f i c _________
Decreases. D e l a w a r e & H u d s o n ____
$424,612 L e h ig h V a l l e y _____________
Union Pacific________
349,617 C h ic S t P a u l M in n & O m .
Delaware Lack & Western

Representing 12 roads in
■ our com pilation_____ $3,529,352

Minn St Paul & S S M —
Chicago Milw & St P a u l..
Chisago & North Western

310,388
306,926
296,155

1 3 1 ,1 0 2
1 3 0 ,5 0 4
1 3 0 ,2 2 0
129 287
1 2 4 ,2 4 4
1 2 3 ,0 6 2
1 2 0 ,1 4 9
1 16 138

Representing 25 roads In
our com pilation_____ $5,506,716

a These figures cover merely the operations of the New Y ork Central itself
Including the various auxiliary and controlled roads, like the Michigan
Central, the Lake Shore, the “ Big F ou r,” the "N ickel P late,” & c.. the whole
going to form the N. Y . Central System, the result is a gain of $293,362.
y These figures represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $574,946 increase and the Western
lines $691,489 increase. For all lines owned, leased, operated and controlled.
the result is a gain of $1,451,004.

I t s h o u ld b e a d d e d t h a t , as in p r e v io u s m o n t h s , o u r
c o m p ila t io n s are b a s e d e n t ir e ly u p o n th e re tu rn s w h ic h
th e

roads

a re

C om m erce

o b lig e d

to

m ake

at

W a sh in g to n .

C o m m is s io n

to

th e

I n t e r -S t a t e
T h is

g iv e s

a u n ifo r m b o d y o f fig u res a n d w e do. n o t in c lu d e th e
t a x e s w ith th e e x p e n s e s b e c a u s e t h a t is th e p r a c tic e
p u rsu ed

by

th e

C o m m is s io n .

The

la tt e r

ca lls

fo r

s t a t e m e n t s a c c o r d in g to a fo r m

w h e re th e t a x e s are

d e s ig n a te d as 'a s e p a r a te it e m .

A s h a s b e e n p o in te d

o u t b y u s m a n y tim e s in th e p a s t , all th e s t e a m ra il­
roads

o f th e

U n it e d

S ta te s ,

b a r r in g o n ly

th o s e fe w

lin e s w h o s e b u sin e ss is c o n fin e d e n tir e ly w ith in S t a t e
b o u n d a r ie s , a rc n o w

o b lig e d

to

file m o n t h ly re tu rn s

o f th e ir ea rn in g s a n d e x p e n s e s w it h th e C o m m is s io n ,
and

th e s e m o n t h ly s t a t e m e n t s , w h e n

r e n d e r e d , are

p la c e d u p o n th e p u b lic r e c o r d s a n d a re o p e n fo r g en era l
in s p e c tio n a n d
each
files.

use.

r e tu rn as s o o n

We

h a v e a tr a n s c r ip t m a d e o f

as it is p la c e d

upon

th e p u b lic

T h e s e t r a n s c r ip t s c o m e to u s in la rg e n u m b e r s

f r o m d a y to d a y , a n d a b o u t th e 2 0 t h o f th e m o n t h w e
b r in g t h e m all t o g e t h e r in a sp e c ia l S u p p le m e n t d e sig ­
n a t e d o u r “ R a il w a y E a r n in g s S e c t i o n .”

O n e o f th e

m o n t h ly n u m b e r s o f th e “ R a il w a y E a r n in g s S e c t io n ”
a c c o m p a n ie s t o - d a y ’ s issu e o f th e “ C h r o n ic le ,” a n d in
it th e re a d e r w ill fin d th e A p r il figu res in d e ta il fo r
e v e r y r a ilr o a d w h ic h h a d s u b m it t e d its r e tu rn fo r t h a t
m o n t h u p to y e s t e r d a y m o r n in g .

T h e s u m m a r ie s w e

p r e s e n t in th is a rticle a re th e a g g r e g a te s d e r iv e d fr o m
t h e s t a t e m e n t s o f th e se s e p a r a t e r o a d s .

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— The public sales of bank stocks this week aggregate 503
shares, of which 468 shares were sold at the Stock Exchange
and 35 shares at auction. National City Bank stock on
Sales of 262 shares made a further advance in price to 425,
closing at 423— a net gain of 9 points. Ten shares of
First National Bank stock were sold at 990— 80 points higher
than the price paid at the last previous public sale, which
was made in the latter part of March.
Shares. B A N K S — New York.
5 Citizens’ Cent. Nat. B a n k ..
262 City Bank, N a tio n a l...
191 Commerce, N at. Bank o f . . .
10 First National B ank..............
*35 Park Dank, N ational___ _

Low. i i ion.
162
162
413
425
214
217
990
990
376
376

Close.
162
423
216
990
376

Last previous sale
June 1911—
160
June 1911— 414
June 1911 — 215
Mch. 1911— 910
May 1911 — 371

* Sold at auction.

— The first offering of the China railway loan was made
this week by the New York syndicate which participates
jointly in the loan with British, French and German bankers,
and proved eminently successful, the bonds having been
largely over-subscribed. The books were therefore closed
yesterday instead of next week. Full particulars regarding




[VOL. LXXXXI1.

the offering will bo found in an item in our “ State and City”
Department in to-day's issue of the “ Chronicle.”
— According to a dispatch to the New York “ Sun,” the
receiver of the Birkbeck Bank of London obtained an order
from the court on the 10th inst. allowing him to borrow im­
mediately from the Bank of England a sufficient sum to pay
the depositors one-half their accounts at once. The bank
suspended on the 8th inst. with liabilities of $43,380,910.
Advices from London a day or two later stated it to be the
general opinion in the city that the suspension would not be
such a disaster as was at first feared.
— The management of Lloyd's Bank, L td., at a special
meeting at Birmingham, Eng., on the 9th inst., is reported
to have amended its articles of association so as to permit
the opening of branches or auxiliary institutions in New
York, Canada, Paris and Hamburg, or to acquire interests
operating in those places.
— Coincident with the national bank call of Juno 7, returns
from the banks under State supervision were also asked for in
accordance with previous arrangements made with the heads
of the State banking departments by the Comptroller of the
Currency. Mr. Murray also requested that he bo favored
with summaries of these Stato returns in order to enable
him to prepare a consolidated statement showing the re­
sources and liabilities of both national and State banks for
the same date, as was done for the first time in 1909 and
continued in 1910, and to make comparison with the returns
for those years. The Comptroller announces that when com­
piled the data will at once be given to the public and will later
be incorporated in his annual report to Congress.
— Additional postal savings banks designated this week to
the number of 150— 50 to be opened July 10, 50 July 13 and
50 July 14— brings the total number thus far named up to 700.
— That the administrative officers of the Government are
without authority to relieve delinquents from the additional
tax of 5 0 % which is imposed with the failure to file Federal
corporation tax returns within the time required, is the
opinion of Itoyal E . Cabell, Commissioner of Internal Reve­
nue. The matter was made the subject of a communication
addressed by him to a member of Congress on May 27, which
we quote as follows:
T R E A SU R Y DEPARTM ENT.
OJJtce of Commissioner of Internal Ilevcnue.
W ashington, D. O., May 27 1911.
S ir.— Referring to your call at this office requesting that t h e ______ Co.
o f ----------bo relieved from the 50% additional tax assessed on account
of failure to flic its corporation excise tax return within the time limit
prescribed b y Section 38, A ct o f A ug. 5 1909, I beg to call attention to the
statute in question, a co p y of which is hereto appended, especially to the
italicized portion of the sub-sections:
I fear that under the language o f this law there Is no discretion whatever
vested in any administrative officer in this m atter. If the return is filed
within the limit prescribed b y the statute, the tax is to be assessed at the
rate of 1% on the net Income over and above $5,000. If the return Is not
filed within the limit prescribed b y the statute, the rate Is Increased 5 0 % ,
or, In other words, the rate then becom es i y % .
The only statutory
provision in any way m odifying tills is that an application m ay be m ade
to the Collector of Internal Revenue for the district in whioh the return Is
to be filed for an extension of time not to exceed thirty days.
In addition to this 50% increase In tax, a com pany, on account of its
failure to file its return on time, becom es liable to the penalties set forth In
sub-section 8 o f Section 8, A ct of A ug. 5 1909 (36 Statuto 112). The
provisions of Section 3229, Revised Statutes, are, howover, applicable to
sub-section 8, and the Internal Revenue Bureau has authority thereunder
to insist on tiic maximum penalty or to com prom ise according to the facts in
each particular case.
W ith regard to the 50% increase in tax the uniform construction of the
provlslo s in paragraphs 3 and 5 relative thereto, which provisions are
found in practically all revenue laws relating to special taxes, has been that
no administrative officer is clothed with authority to relieve against sudil
an increase. Congress has fixed the rate of taxation and has enacted that
upon the happening of some certain event liability to a definite additional
tax Is Incurred. This Increase attaches autom atically upon the happening
of the event in question— In this caso expiration of the time limit— and
after the event has happened no m ore discretion vests In an administrative
officer to relieve from the increase than from the original tax itself. It
appears that the only relief that can be secured is for Co .gross— which
defined the tax liability In the first Instanco— to pass a bill granting relief
therefrom .
P robably 99% of the corporations o f the country filed their returns in
accordance with the corporation excise tax law. The remainder, how ever,
which failed to com ply with the law, aggregate a large number, and In this
number there will undoubtedly be found cases o f great Individual hardship.
I fear, how ever, that unless Congress sees fit to relieve the delinquents from
the severity of the liabilities Imposed b y this A ct. this office has no authority
so to d o .
R espectfully,
R O Y A L E . C A B E L L , Commissioner.
H on. ................... - - - ,
House of Representatives.

— The inauguration this week of the arrangements under
which the trust companies for the first time in their history
clear direct through the New York Clearing House Associa­
tion marks an important event in the banking annals of the
city. Sixteen of the companies are now full-fledged members
of the Association, fifteen of thorn having begun operations
through the Clearing House on Monday, the othor institution

T H E C H R O N IC L E

J u n e 1 7 1 9 1 1 .]

(the Fidelity Trust Co.) having been obliged to defer its
clearing until next Monday, pending the completion of the
details with regard to increasing its capital to $1,000,000.
With these additions to its numbers the membership of the
Association is now increased to 66. The new members are
as follows:
101
102
103
10-1
103
100
107
108

Manhattan Trust Co.
Brooklyn Trust C o., Brooklyn.
Bankers Trust Co.
United States M tgc. & Trust Co.
Astor Trust Co.
Title Guarantee & Trust Co.
Guaranty Trust Co.
Fidelity Trust Co.

109
110
111
112
113
114
115
110

Mercantile Trust Co.
•
Lawyers’ Title Ins. & Trust Co.
Columbia Trust Co.
Standard Trust Co.
Peoples Trust C o.. Brooklyn.
New York Trust Co.
Franklin Trust C o., B rooklyn.
Lincoln Trust Co.

1607

(in the case of trust companies) moneys held in trust not
payable within thirty days. In the change now made, be­
sides further exempting from reserve requirements deposits
secured by “ other obligations” of the State, the new law
also permits the deduction of deposits secured by bonds or
other obligations of the City of New York, and, in addition,
an amount equal to the market value, but not exceeding the
par value, of any such bonds or other obligations of the State
or City of New York owned and held by the institutions, or
held for them in trust by a public department or public
officer of any State or of the United States.
It has been pointed out that under these new provisions
a bank or trust company might legally omit to hold any cash
reserve whatever, provided it held a sufficient amount of
bonds of the State and City. It should be remembered,
however, that as far as concerns the banks and trust com­
panies which are members of the New York Clearing-House
Association, the proviso as to new exemptions will be in­
operative, inasmuch as such institutions will be bound by
the Clearing-House regulations and requirements, and these
do not allow any of the new deductions. Institutions out­
side of the Clearing House as well as those located outside the
city will of course, as a result of the newly enacted measure,
be enabled to carry a lower cash reserve than in the past,
based on the amount of their State and city investments.
W e show below the law as amended, indicating in italics the
new portion, and in brackets [] the old law which has been

The entrance of the above companies as members of the
Association occurs within about a month of the adoption of
resolutions providing for their admission; as a requisite the
companies are obliged to have a capital of $1,000,000, to
maintain a'2 5 % reserve— 1 5 % cash and 1 0 % on deposit with
a member bank having a 2 5 % cash reserve— and to furnish
weekly reports of average condition for the week and of the
actual condition at the close of business each Friday. Some
years ago the trust companies were affiliated with the
Clearing House as non-members, but these relations were
severed in 1903 and 1904, following the action of the Associa­
tion in putting into effect new regulations with regard to
non-members, under which it was stipulated that the cash
reserve to be held by them was to be 5 % after June 1 1903,
7 lA % after Feb. 1 1904, and after June 1 1904 such percent­
age as should be fixed by the Clearing-House Committee, but
not to be less than 1 0 % nor more than 1 5 % . All but two of omitted:
AN ACT TO AM END T H E B A N K IN G L A W jIN iR E L A T IO N TO L A W ­
the trust companies in Manhattan Borough withdrew as a
FU L M O NEY R E S E R V E .
result— the Manhattan Trust Co. and the Knickerbocker
The People o f the State o f New Y ork, represented In Senate and AsseraTrust Co. being the only ones which continued Clearing­
b l Secd0l CtlS ^ U o V 6 7 °o fSChapter 10 of the Laws of 1909, e n title d ’ ^ V nA et
House affiliations. Since the 1907 panic, when the Knicker­
In relation to banks, individual bankers and corporations undf th®
bocker temporarily suspended business, the Manhattan Trust vslon of the Banking Department, constituting Chapter 2 of the Co m o Udated L aw s,” as amended by Chapter 223 o f the Laws o f 1909 and Chapter
alone had enjoyed Clearing-House privileges.
399 of the laws o f 1910. Is hereby amended so as to read as follows:
— W e enumerate below the items that must be included in
Sec 07. Lawful m oney reserve. E very bank or individual banker shall
the weekly returns of the trust companies and the description at all times have on hand In lawful m oney of the United States,, 1fold ceror definition of each item as furnished by the Clearing House till cates, silver certificates or notes or bills issued b y any lawfully organized
national banking association, an amount equal to at least 26%
for the guidance of the companies. This shows precisely gate am ount of ifs deposits, exclusive o f time deposits not pa^aWe wdthln
how the net deposits will be computed under the Clearing­ thirty days, represented b y certificates showing the am ount of the deposit,
the date o f Issue and the date when due, and, also exclusive of deposits
House regulations:
which are secured b y outstanding unmatured bonds or other obdgptione
Items of the weekly statement should com prise the follow ing:

Loans, &c.— Loans, bills purchased, stocks, bonds and mortgages owned

issued b y the State of New Y ork, or secured by outstanding unmatured bonds,

corporate stock,, revenue bonds, assessment bonds or other obligations issued by

b y the trust com p a n y.
„
,.
he Citu of New York, and exclusive also of an amount equal to the market
Specie — Gold and sliver coin, United States and Clearing-House gold
exceeding the par value, of any such bonds orother
certificates and U. S. and Clearing-House silver certificates.
the State of New York or of the City of New York owned and held by sw.hba.nk
Legal-tender Notes and Bank, Notes.— U . S. legal-tender notes and Clearing or individual banker, or held by a public department, a public off icer or o ffice r
House certificates tor the same; bank notes.
of this State, or of any other State, or of the United States, in trust for such
• Amount on Deposit with Clearing-House members carry ing 25% cash reserve.
bank or individual banker. If its principal place o f business l s l o ^ te cl‘ “
Deposits.— Gross deposits.
borough in any city o f the State which borough, according to the last pre
Legal Net Deposits.— Gross deposits as above, less:
ceding State or United States Census had a population of 1,800,000 or o v e i,
1. Moneys held In trust which arc not payable under conditions o f the and an am ount equal to at least 20% of the aggregate amount of its deposits,
trust within 30 days.
exclusive of time deposits not payable within thirty days, represented by cer­
2. Tim e deposits not payable within 30 days represented by certificates tificates showing the amount of the deposit, the date of issue and the date when
due and also, exclusive of deposits which are secured by outstanding unmatured
showing the am ount of the deposit, date o f Issue and date when due.
3. Deposits which are secured b y outstanding unmatured bonds issued bonds o r'other obligations issued by the State of New York, or secured ^ o u t ­
b y the State ot New Y ork.
standing unmatured bonds, corporate stock, revenue bonds, assessment bonds
4. Exchanges for the Clearing House next day, and checks on non-clcar- T o T e r obmations issued by the City of New York, and exclusive also o f an
lng institutions IQ this city.
amount equal to the market value, but not exceeding the par value, of any sudi .
5. Balances arHbig from items on out-of-tow n banks subject to check bonds or other obligation of the Stale of New York or of the City of New York ■
owned and held by such bank or individual banker or held by a public depart­
or rem ittance.
0. Balances with New York City Institutions.
ment, a public officer or officers of this State, of of any other State, or of the
United States, in trust for such bank or individual banker, if Ita principal place
Note ill regard to Reserve.
The 15% cash reserve should be based on the legal net deposits as above. o f business is located in any borough which borough according t o t h e last
The 10?,', reserve in banks should be based on the legal net deposits, ex­ preceding State or United States Census had a population of l.o o o .o o u oi
over and less than 1,800,000; and an am ount equal to at least 15?o of tne
cept item N o. 0, which m ay n ot be deducted.
__ The new system of examinations which the New York aggregate amount of Its deposits, exclusive of time deposits not payable
within thirty days, represented b y ccrtflcates showing the amount, o i tne
Clearing House is to adopt is to be under the guidance of deposit, the date of issue and the date when due, and, also, exclusive af
Charles A . Hanna, at present National Bank Examiner for deposits which are secured b y outstanding unmatured bonds or other obliNew York. Mr. Hanna was appointed to the post on Mon­ nations Issued by the State o f New York, or secured by outstanding « « » » « -

lured bonds, corporate stock, revenue bonds, assessment bonds or other obliga­

day and will begin his new duties on Aug. 1. It is stated tions issued by the City of New York, and exclusive of,also, an amount equal
that his salary will be $20,000 a year. Mr. Hanna has served to the market value, but not exceeding the par palue, of any such bonds or other ■
Obligations of the State of New York or of the City of New York owned and
as national bank examiner since 1899; following the failure held by such bank or individual banker, or held by a public department, a public
of the National Bank of North America in 1908, he conducted officer or officers of this State, or of any other Slate, or of the United States, ■
its liquidation, and was one of the principal witnesses for the in trust fo r such bank or individual banker, if its principal place;of business
Is located elsewhere in the State. The amount thus to be kept on hand
Government against Charles W . Morse. Prior to entering shall be called Its lawful m oney reserve. Two-fifths ot such lawful m oneythe employ of the Government he had been in the banking reserve ot any bank or individual banker located in any borough in a n y
business in Nebraska, one of his positions having been as cltv In the State which borough, according to the last preceding State or;
United States Census, had a population of 1,800,000 or over, one-half of
Vice-President of the First National Bank of Lincoln.
such lawful money reserve of any bank or Individual banker located In any
.__The directors of the Knickerbocker Trust Co., at a
meeting on Tuesday decided to apply for admission to the
Clearing House in accordance with the recommendation last
month of their executive committee.
— Under a bill fathered by Senator Grady, and which has
become Chapter 200 of the Laws of 1911 with the signature
of Gov. Dix on May 31, an important change affecting the
reserve requirements of banks and trust companies of the
State is made. Heretofore these institutions have been al­
lowed, in figuring their reserves, to exclude time deposits not
payable within thirty days, and deposits secured by out­
standing, unmatured bonds of the State of New York and




borough in any city o f the State which borough, according to the last; pre­
ceding State or United States Census, had a population of less than 1.800,000.
and which bank or Individual banker does not maintain a branch office in,
any borough having a population according to the last preceding State o r
United States Census ot 1.800.000 or over, and three-fifths of the lawful
m oney reserve of any bank or individual banker located elsewhere In the
State m ay consist of moneys on deposit subject to call with any bank or
trust com pany in this State having a capital of at least $200,000,ror;a:capltal
o f at least $150,000 and a surplus ot at least $150,000, and approved b y the
Superintendent of Banks as a depositary o f lawful m oney reserve
If;th e
lawful m oney reserve of any bank or individual banker shall be less than
the amount required by this section, such bank or banker shall not increase
ts liabilities b y making any new loans or discount otherwise than b y dis­
counting bills of exchange payable on sight, or making any dividends from
profits until the full amount o f its lawful money reserve has been restored.
The Superintendent of Banks may notify any bank or individual R a n k e r

1608

T H E C H R O N IC L E

whose lawful m oney reserve shall be below the amount herein required to
m ake good such reserve; and if It shall fall for thirty days thereafter to
make good such reserve, such bank or individual banker shall be deemed
Insolvent and m ay be proceeded against as an insolvent m oneyed corpora­
tion .
S ec. 2 Section 108 of said Chapter 10 of the laws of 1009 is hereby
am ended so as to read as follows:
Su,o. 198 Lawful money reserve. Every trust com pany having its
principal place of business or a branch office for the receipt a n d paym ent of
deposits In a borough in any city In the State which borough had, according
nno*10 a3t precct^ aK State or United States Census, a p opulation of 1 ,8 0 0 ,? „/ 0 r,° yer’ sbab at aP times have on hand a reserve fund equal to at least
i i i ^ *C a8® regate °t Its deposits, exclusive of moneys held b y It In trust,
which are not made payable under the conditions o f the trust within thirty
days, and also exclusive o f time deposits not payable w ithin thirty days,
represented by certificates showing the amount of the deposit, the date of
ssuo and the date when due, and also exclusive of deposits which are se­
cured by outstanding unmatured bonds or other obligation s Issued by the
State of New York [.J.or secured b y outstanding unm a tured bond s, corporate
stock, revenue bonds, assessment bonds or other obligations issu ed b y the C ity
o f N ew Y o rk , and exclusive also o f an am ount equal to the market value, but not
exceeding the par value, o f a n y such bonds or other obligations o f the State o f
N e w York or o f the C ity o f N ew Y ork ow ned and held b y such trust com ­
p a n y or held b y a p ublic departm ent, a public officer or officers o f this Stale,
or o f a n y other State, or o f the U nited States, in trust f o r such trust com pa n y ’.

The whole of such reserve fund must consist of either lawful m oney of the
United States, gold certllloates, silver certificates or notes or bills Issued by
any lawfully organized national banking association. E very trust co m ­
pany having Its principal place of business in a borough in any city in the
State, which borough had. according to the last preceding State or United
States Census, a population of less than 1.800.000, which does not m aintain
a branch office in a borough having a population o f over 1,800,000 In­
habitants according to the last preceding State or United States Census,
s.iall at all time* have on hand a reserve fund equal to at least 15% o f the
aggregate of Its deposits, exclusive of moneys held by it in trust, which are
not made payable under the conditions of the trust within thirty d a y s , and
also exclusive of time deposits not payable within thirty days, represented
b y certificates showing the amount of the deposit, the date of issue and the
date when due, an l also exclusive of deposits which are secured by ou tsta n d ­
ing unmatured bonds or other obligations Issued by the S tate of Now Y ork [.],
or secured b y outstanding unmatured bond s, corporate stock , revenue bo nd s,
assessm ent bonds or other obligations issued by the C ity o ) N ew Y o r k , and e x ­
clusive also o f an am ount equal to the market value, but not exceeding the p a r
value, o f a n y such bonds or other obligations o f the Stale o f N e w Y o r k or of
the C ity o f N ew Y ork , owned and held by such trust com p a n y or held by a p u b­
lic departm ent, a public officer or officers o f this S ta te , or o f a n y other Slate
or o f the U nited S la tes, in trust f o r such trust c o m p a n y.
The whole of such

reserve fund m ay, and at least two-thirds thereof must, consist o f either
lawful m oney o f the United States, gold certificates, silver certificates or
notC3 or bills issued by any lawfully organized national banking association,
and the balance thereof over and above the part consisting o f lawful m oney
o f the United States, gold certllloates, silver certificates, notes or bills is­
sued by any Invfully organized national banking association, must consist
o f m oneys on deposit subject to call in any bank or trust com p any In this
State having a capital o f at least 5200,009 or a capital alid surplus of at
least $ 3 0 0 ,0 0 0 , and approved by the Superintendent of Banks. Every
trust com pany having Its principal place of business elsewhere In thls’ State
shall at all times have on hand a reserve fund equal to at least 10% of
Its aggregate deposits, exclusive of moneys held b y it In trust which are not
m ade payable under the conditions of the trust within thirty days, and also
exclusive o f time deposits not payable within thirty days, represented by
certificates showing the amount of deposit, the date o f issue and the date
when due, and also exclusive of deposits which arc secured b y outstanding
unmatured bon Is or other obligations issued b y the State o f New Y orkf.],
or secured b y outstanding unm atured bond s, corporate stock, revenue b o n d s’,
assessm ent bonds or other obligations issued b y the C ity o f N ew Y o rk , and e x ­
clusive also o f an am ount equal to the market value, but not exceeding the p ar
value, o f a n y such bonds or other obligations o j the S ta te o f N ew York or o f the
C ity o f N e w York owned and held b y such trust c om p a n y or held by a p ublic
departm ent, a public officer or officers o f this State, or o f a n y other State, or of
the United Slates, in trust f o r such trust c o m p a n y.
The whole o f such last-

mentioned reserve fund m ay. and at least 50% thereof must, consist o f either
lawful m oney of the U nited States, gold certificates, silver certificates, or
notes or bills issued b y any lawfully organized national banking association;
and the balance thereof over and above the part consisting of lawful m oney
o f the United States, gold certificates, silver certificates, notes and bills
Issued by any lawfully organized national banking association, must con filst o f m oney on deposit subject to call in any bank or trust com pany in this
State having a capital of at least 5200,000 or a capital and surplus of at
least $ 3 0 0 ,0 0 0 . and approved by the Superintendent of Banks. The
amounts to be kept on hand, as a bove provided, shall be called the lawful
m oney reserve. If the lawful m oney reserve o f any trust com pany shall be
ess than the amount required by this section, such trust com pany shall not
Increase its liability by making any new loans or discounts otherwise than
b y discounting bills o f exchange, payable on sight, or making any dividends
o f Its profits until the full am ount of Its lawful m oney reserve has been re­
stored. The Superintendent o f Banks m ay notify any trust com pany whose
lawful m oney reserve shall be below the am ount herein required to make
good such reserve, and if It shall fai I for thirty days thereafter to make good
suoh reserve, such trust com p any shall be deemed insolvent and m ay be
proceeded against as an Insolvent m oneyed corporation.
Sco. 3. This A ct shall take effect im m ediately.

fV O L . L X X X X II.

of the several lines of wheat herein referred to can be held
as being responsible for the conditions existing during May,
which conditions were the logical outcome of the existence
of the aggregate holdings of different owners.” The Com­
mittee states in its report that;
The evidence shows that there was no attem pt b y the holders of the
several lines of wheat, or by their agents, to artificially advance the price
b y bidding or other means, and. in fact, no purchases were m ade during
^ e m onth b y any of the holders of im portant lines of wheat, either as cash
or for delivery during the m onth, the advance In price being due and caused
b y covering by those who had sold it for May delivery and had failed to
make provision to meet their con tracts.
Buying o f this character to the extent of 1.800,000 bushels caused the
extrem e of prices reached on the last day of the m onth. T he evidence
further shows that from the 23d day of May there was wheat constantly on
month PllCCS m atedally bcIow the flgurc reached on the last day of the

In a discussion of the bank-deposit-guaranty law before
the Oklahoma Bankers’ Association, at its annual gathering
May 22 and 23 at Oklahoma City, J. C. McClelland, of the
State Banking Board, made known the intention of the Board
to issue as soon as possible a statement of all the affairs with
which it has had to deal.
He also announced that every
ninety days thereafter statements will be made covering the
condition of the fund. According to Mr. McClelland, it will
be the constant endeavor of the Board in future to maintain
such strict supervision over the State banks in Oklahoma
that it will be possible to ascertain when the capital is im­
paired, and where such conditions are revea cd the Board
wi 1 at once take charge of the institution and proceed to
liquidate and wind up its affairs before it becomes necessary
to use any of the moneys in the guaranty fund. A special
examiner, he added, has been employed whose so'e duty is to
“ fo.low up every remedy, both civilly and criminally, which
will tend to realize every possible penny of salvage that can
be squeezed out of the mass of wreckage inherited by the
present Board from the operations of its predecessors.” The
following resolution calling upon the Board to liquidate
the institutions which have failed to meet the assessments
was adopted:
W c, the loyal State bankers of Oklahoma In convention assembled,
recognize the validity o f the State bank guaranty law. W e approve the
guaranty feature as providing absolute security to depositors and realize
our Joint liabilities to depositors In all State banks. W c denounce as dis­
loyal all those banks which have failed to meet their assessments, and de­
mand that the Banking Board take Immediate steps to liquidate the same
and relieve the State banks from further obligations to depositors of said
Institutions.

-The Colorado Legislature , before its adjournment on
May 6, passed a bank-deposit- guaranty bill, with a
referendum proviso calling for the submission of the bill to
the people at the 1912 election. Two systems of guaranty
are provided in the plan, according to the Denver “ Repub­
lican” — all State banks are given the right to elect whether
they will use a mutual guaranty plan or a security plan.
Under the latter three alternative propositions are pro­
vided as follows:
First, a bank m ay flic with the Banking Board a bond equal In am ount
to Its capital stock and surplus made b y a surety com pany.
Second, It may file a bond to the same amount approved b y at least three
persons of financial responsibility who m ay or m ay not be stockholders of
the bank.
Third, the bank m ay give Its own bond b y placing collateral security with
the Banking Board, such security to be considered as no part o f the capital
or the required surplus of the bank.

Under the mutual plan, we learn from the “ Republican,”
the banks are required to pay to the Banking Board on Jan. 1
1913 1 % of their daily average deposits for the preceding
calendar year and annually thereafter M of 1 % of such
deposits until the amount under the control of the Banking
Board reaches $1,000,000.
When the fund falls below this
amount, or is depleted below the highest amount on hand
n the preceding year, the board may make an assessment
on the banks operating under the plan. No bank, however,
will be required to pay more than 2 % of its average daily
Gov. Dix signed on the 15th inst. the bill amending the
deposits during any one year. It is stipulated that 2 5 %
law imposing a tax of 2 cents per $100 on transfers of stock,
of the payments shall be made in cash (to be deposited in
the tax under the new regulations now being made to apply
the bank paying the highest interest); the remaining 7 5 %
where stocks are “ transferred” the same as in the case of
to be represented by a demand deposit, subject to check by
actual sales. As amended the law also requires every stock
the State Banking Board. The latter body is created under
company to keep a transfer ledger register or stock-certificate
the bill, and is to be composed of the Attorney-General the
book, containing a complete and true entry and record of
State Bank Commissioner, the State Treasurer and one State
all sales or transfers of shares or certificates, and to retain
banker to be appointed by the Governor. Other features of
all surrendered or canceled shares or certificates— the rec­
the bill are the requirement that the State banking institu­
ords to be open to examination by the State Comptroller.
tions must have a capital and surplus equal to at least 10%
More extended reference to the changes will be found in our
of deposits, and a provision calling for the segregation of
issue of last Saturday.
savings and commercial accounts.
— An investigation by a Committee of the Chicago Board
— Frank W . Duryea of the New York Stock Exchange
of Trade into the alleged “ corner” in May wheat in Chicago
house of F W . Duryea & Co., 7 Wall Street, was suspended
last month has resulted in a report in which the Committee
trom the Exchange this week for a period of three months
concludes that none of our members, the individual owners
because of a technical violation of the rule which prohibits




J u n e 17 1 9 1 1 .]

T H E C H R O N IC L E

members from carrying speculative accounts for an em­
ployee of another member. A statement issued by the
firm says:

1609

erected a monumental building which will be used exclusively
by the company. Plans for the new building which are now
being prepared contemplate a model structure in every

respect.
— The large coterie of friends and business acquaintances in
and out of financial circles who personally know the President
of the Farmers’ Loan & Trust Co. of this city will be pleased
to learn that Mr. Edwin S. Marston has sufficiently recovered
from a recent operation for appendicitis to be removed this
week from Roosevelt Hospital to his city home. Mr. Marston’s condition is gratifying and steadily improving, and it is
— Several of the Manhattan savings banks have lowered expected that he will soon enjoy his usual health after further
their interest rates from 4 to '2>X
A % with the present semi­ convalescence.
annual declaration. These include the Harlem Savings
— At a recent board meeting of the Garfield National Bank,
Bank, the Irvings Savings Institution, the Empire City corner Fifth Avenue and 23d Street, this city, William L .
Savings Bank and the Manhattan Savings Institution.
I he Douglass, formerly Cashier of the institution, was elected
latter since July 1910 had paid 4 % on accounts up to $1,000 Second Vice-President; Arthur W . Snow, formerly Assistant
and 3J^% on amounts in excess of $1,000. Those which Cashier, was chosen Cashier, and Ralph T . Thorn was
have thus far decided to continue the 4 % rate arc the Sea­ appointed Assistant Cashier. I*or June 7 the Gaificld de­
men’s Bank for Savings, the Metropolitan Savings Bank, the posits were $10,316,000; capital, $1,000,000, surplus and
Excelsior Savings Bank, the Broadway Savings Institution, undivided profits, $1,242,000, and aggregate resources,
the Emigrants Industrial Savings Bank, the West Side $12,952,000. Ruel W . Poor is President and James McSavings Bank, the German Savings Bank, the New York Cutcheon, Vice-President.
Savings Bank, the East River Savings Bank and the Maiden
Since March 7 the deposits of the Coal & Iron National
Lane Savings Bank. The Greenwich Savings Bank will
Bank of this city have increased from $7,347,3S3 to $7 ,­
follow the custom instituted a year ago of paying 4 % on
669,770, the latter being the figures reported under the
deposits up to $1,000 and 3 X
A % on sums in excess of that call of June 7. The resources are nearing the ten-millionamount. No reductions from the 4 % rate have been an­ dollar mark, and arc now $9,515,384, against $9,174,117
nounced among the Brooklyn institutions.
three months ago. It might be mentioned that this bank is

W e recently discovered that one of our custom ers who had been Intro­
duced b y our branch manager as, and whom we believed to be, a Long
Island real estate dealer, was In fact an em ployee of another Stock Exchange
house. The account was at once closed and the m atter brought to the at­
tention of the authorities of the E xchange, w ho, because of the technical
violation of the rule against dealing with employees of fellow members
took the action announced to-day.
Arrangements have been m ade with V an Schalck & Co. b y which we will
extend to our customers the same facilities In the transaction of their
business as In the past.

— The Fourteenth Street Bank of this city has become
allied with the Fourth National Bank through the purchase
of substantial holdings in the first-named by President James
G. Cannon of the Fourth, and some of his associates. John
F. Carroll retired as a Vice-President and director of the
Fourteenth Street Bank on Wednesday, following the sale
of his interest in the institution. Four other directors have
also resigned, and their places on the board are taken by
Mr. Cannon, Samuel S. Campbell, Vice-President of the
Fourth, Welding Ring, of Mailler &Quereau, and a director
of the Fourth; Moreau Delano, of Brown Bros. & Co., and
Henderson M. Wolfe, who resigns as Chief Auditor of Ac­
counts in the Department of Finance of this city. Mr.
Cannon has been elected Chairman of the Executive Com­
mittee of the Fourteenth Street Bank, and Mr. Wolfe has
become a Vice-President. R . Ross Appleton continues as
President and Richard I. Brewster as a Vice-President.
It is expected that the name of the Fourteenth Street Bank
will be changed to the Security Bank of New York, the
present title being deemed too suggestively local to permit
offits?greater development. The bank has its main office
at Fifth Avenue and 14th Street; it also has two branches,
both of which will be retained— its Gansevoort Branch at
Ninth’''Ave. and 14th Street and its East Side Branch at
345 Grand Street. The Fourteenth Street Bank has a capital
of I $1,000,000 and deposits of about $7,000,000. The
FourthjNational has $5,000,000 capital and its gross deposits
under the new call are $48,409,512.
— Reports were current yesterday afternoon which are
understood to bo authentic to the effect that negotiations
are pending for the sale of the holdings of the Equitable Life
Assurance Society in the Mercantile Trust Co. of this city
to interests associated with the Bankers’ Trust Co. It is
understood that 12,941 shares of Mercantile stock are con­
cerned in the transaction, and the price at which the transfer
will take place is said to be $740 per share, the total amount
involved thus being about $9,000,000. If the negotiations
are carried through, it is expected that a consolidation of the
Mercantile with the Bankers Trust will eventually take
place. The Mercantile has a capital of $2,000,000, surplus
and profits June 7 of $7,620,012 and deposits of $06,405,054.
The Bankers Trust has $3,000,000 capital, surplus and profits
of $0,929,809 and deposits on June 7 of $94,062,532.

one of the few institutions in the country which has earned its
entire surplus and profits and part of its capital. John T.
Sproull is President, David Taylor and Allison Dodd, \ icePresidents, and Addison H . Day, Cashier.
— Formal announcement that Clark Williams, former
State Superintendent of Banks and ex-Comptroller of the
State, will become President of the Windsor Trust Co. of
this city was made on Thursday by August Heckscher, the
present head of the company. Mr. Williams is to take up his
new duties within a month. The proposition to increase the
capital from $500,000 to $1,000,000, to which we alluded
last week, will be placed before the stockholders for ratifica­
tion on June 30. It is also announced that the directorate
is to “ embrace strong and conservative bankers, merchants
and manufacturers,” their names to be announced imme­
diately after the coming meeting.

— The decision last January of the Supreme Court of
Brooklyn under which the New York State Superintendent
of Banks was upheld in his attempt to recover from August
C. Scharmann $30,000, as the holder of 300 shares of stock
of the failed Lafayette Trust Co. of Brooklyn Borough, was
reversed by the Appellate Division of the Supreme Court on.
the 9th inst. It was stated at the time of the previous deci­
sion that the defendant did not deny the provision of the law
giving the Superintendent the right to recover from stock­
holders of liquidating institutions the face value of their
holdings in the interest of creditors, but contended that, the
Department had no right to hold the stockholders liable
until all other means to secure the payment of creditors
had failed. The present opinion was written by Justice
Woodward, who, according to the Brooklyn “.Eagle,” main*
tains that the fact that the Superintendent has taken posses'sion of the bank is no presumption that the .corporation
will be unable to pay its debtors, and concludes that the only­
way to enforce statutory liability against the individual
stockholders would be a suit in equity where, all the stock­
holders are made defendants.
— The National City Bank of the Borough of Brooklyn
in its last statement under date of June 7 1911 reports de­
posits of $5,748,410, as against $5,604,268 on March 7 last.
This bank was incorporated in 1850 and is one of the oldest
financial institutions in Brooklyn. Interest centres in its
surplus and profits, which at $597,985 are double the amount
__ It appears that the total resources of the Guaranty Trust
of the capital of $300,000. Charles T . Young is President^
Co. of this city under the June 7 call reach larger proportions
Eugene Britton, Vice-President, and Henry1 W . Wells,
than was indicated in the announcement issued immediately
.
.
after the call, the amount shown in the statement being Cashier.
__ The Newark “ News” is authority for the'statement that
$187,650,077. The deposits are $144,696,021, and in addi­
tion to a capital of $5,000,000 the company has surplus and an application for a charter for the Market ]3ohd, 'Mortgage
undivided profits of $22,977,903. The gain in deposits since & Trust Co. of Newark, has been disapproved by Commis­
January exceeds $20,000,000. The growth which the insti­ sioner Vivian M. Lewis of the Department of Banking &
tution has witnessed has made necessary a much larger office Insurance. Mr. Lewis, it is stated, bases his action on the
than is available at its present location on Nassau Street, fact that the evidence presented to him iri behalf of the
and, as was reported last month, a site at the corner of Broad­ proposed company was not sufficient to justify1his approval
way and Liberty Street has been purchased whereon will be of the charter. He has informed the promoters, however,




1610

T H E C H R O N IC L E

that should they desire to offer further evidence or to reopen
the application, they may have an opportunity to do so.
The application was made in the name of Siegfried LesehrlnntherS; .I t .was ProP°sed to organize with a capital
of $100,000, and, it is understood, that a general trust and
banking business was planned, with particular attention to
the handling of mortgages.
r. ~ Th.G / marnCd” surP,us account of the Camden Safe
p UIw Sl iC • n'St P0, afc Camden, N . J., of which Alexander
o . wood is President, has now reached $1,000,000. This
iNew Jersey institution, with working capital of $100,000, has
built up this large surplus fund entirely out of its earnings.
On June 30 1910 its surplus was .$900,000 and undivided
profits $120,287, but on Dec. 31 1910 surplus was increased
to $1,000,000, while undivided profits stood at $53,820.
The deposits on March 7 1911 aggregated $6,734,590, the
earned surplus and profits amounted to $1,062,078, and total
resources to nearly $8,000,000. The latter statement does
not include $6,000,000 of trust funds which are kept separate
and distinct from the assets of the company. The Camden
Safe Deposit & Trust is the largest and most active banking
organization in Camden. Mr. Woods’s official associates
are: William S. Scull, Vice-President; Ephraim Tomlinson
Second Vice-President and Trust Officer; Joseph Lippincott’
Secretary and Treasurer, and George J. Bergen, Solicitor. '
The resources of the Second National Bank of Boston,
accoiding to the statement of June 7 last, aggregate nearly
thirty millions dollars— in exact figures, $29,180,945. De­
posits on June 7 were reported $23,338,555, and on March 7
1911 $22,137,703. 4 his old institution, which was chartered
in 1832, has a capital of $2,000,000, surplus of $2,000,000
and undivided profits o f $1,048,220. Thomas P. Beal is
President; Wallace L. Pierce and Thomas P. Beal Jr Vice­
Presidents; T . Harlan Breed is Cashier, and John H . Symonds and Frank H . Wright, Assistant Cashiers.
— A savings department was opened by the Third National
Bank of Springfield, Mass., on the 7th inst. Accounts from
$1 up will be received, on which interest at 3 % , compounded
semi-annually, will be paid. The new department will be
open on Saturday nights from 7 to 8:30. The City National
Bank of Holyoke is said to have also recently established a
similar department.

[V O L . L X X X X 1 I.

elsewhere, with a form of organization closely akin to that
of our own political government” ; it is a plan, he contin­
ued, which involves no substantial changes in the functions
o our existing banks, but which provides for a permanent
Federal institution with powers akin to and growing out of
those which have already been exercised from time to time
by the associated banks of our principal cities. Mr. Andrew
declared that to any one who has carefully examined the
plan there can be no doubt that the adoption of the system it
proposes would prevent for all time the recurrence of financial
crises like that of 1907. The unanimity of approval with
which it has been met, he added, can only mean that in its
main outlines it must ultimately prevail, and, lie concluded,
f it is not adopted now, it will be adopted some time. : [
The bankers approved a recommendation, made by Robert
E . James, for the appointment of a standing committee, to
have charge of the supervision of currency education, the
committee to consist of William A . Law, retiring President
of the Association, and Vice-President of the First National
Bank of Philadelphia; A . J. Hazeltine, President of the
Warren Savings Bank, of Warren, P a., and D . S. Kloss, of
lyrone, Pa. A . A . Jackson, Vice-President of the Girard
Trust Co. of Philadelphia, in speaking on “ The Trust Com­
pany Day by D ay,” cited figures to indicate the growth
of these institutions in Pennsylvania. He stated that
whi e m 1899 the trust companies of that State had resources
non nnnOVer '? 200' 000'000> with trust funds of about $400,­
000 000 more, the latest report of the Banking Commissioner,
made in April last, shows resources other than trust funds
S705’000’000’ and trust funds themselves of
■The Haddington Title & Trust Co. at 60th and Market
streets, Philadelphia, began business on the 1st inst. The
company completed its formation in September last. It
has a capital of $125,000. The management is made up of
William C. Smith, President; Judson Kerr and John W olfenden, Vice-Presidents; and John Snyder, Secretary and
Treasurer.
The institution is located in its own building.
■The Germantown Avenue Bank of Philadelphia has been
organized with the following management: John It. Baer,
President; George D. Porter, Vice-President, and James Orr,
Secretary. The institution has secured quarters at 2809-11
Germantown.Avenue, and will begin business as soon as
desired alterations to the quarters are completed.

Chief interest at the convention in Philadelphia this week
of tho Pennsylvania Bankers’ Association rested in the dis­
cussion of “ The Proposed Plan for Monetary Legislation” by
A Piatt Andrew, Assistant Secretary of the Treasury. Mr.
The payment of a 2 % % dividend to the depositors of the
Andrew argued that while each panic is followed by the
failed Allegheny National Bank of Pittsburgh, which has just
generally accepted idea that a repetition of previous financial been directed by the Comptroller of the Currency, brings the
catastrophies is out of the question, yet the supposedly im­
total distribution up to 9 0 % , according to the Pittsburgh
possible occurs and recurs; as recently as in the autumn of
Dispatch .
ihe suspension of the institution occurred
1907, he noted, the business of the country came to a stand­ three years ago.
still, two-thirds of the banks suspending cash payments, and
•The Chicago bank statements of June 8th, both national
multitudes of substitutes for money coming into circulation,
and State banks, show record-breaking figures in deposits,
although at that time there had been no catastrophe in the
loans and cash resources. The aggregate deposits at that
physical world, no failure of the crops, no war or labor out­
date exceeded $940,000,000, which is an increase of 37 j^
break, or any other event which could be pointed to as
millions over the showing of March 8.
About $25,000,000
the impelling cause.” Mr. Andrew drew attention to the fact
of this gain in deposits was made by the State banks and the
that outside of the United States general financial panics
remainder by the national banks. In the order of increased
have long since become obsolete, and conditions such as
deposits from March to June, counting only those banks
existed in this country less than four years ago are regarded
whose increase is over $1,000,000, we cite:
by Europeans as incomprehensible and not pertaining to
1hcrcasG
thoroughly developed countries. He asserted that a careful (1) T h e C ontinental & C om m ercial N a t i o n a l .................. .................... $ 6 ,5 0 0 0 0 0
h’ o o o ’ nnn
survey of conditions in all other countries, in comparison (2) M e rch an ts’ L o a n & T r u st C o ..............................................................
(3) First T r u st & S av in g s B a n k ......................................................................... 3 ,8 0 0 00 0
with those in the United States, reveals in every other (4) C on tin en tal & C om m ercial T r u st & S av in g s B a n k ______
.A o n o n n
country a measure of cohesion, organization and co-operation (5) Corn Exchange National Bank.......................................
20nn’nnn
7 ’sn n n n n
among their banks which is altogether lacking in our own. (6) C entral T r u st C o ......................................................................................
(7) F ort D earborn N a tio n a l B a n k .......................................................
A o o ’ nnn
In every other country the banking system is so organized
that conditions with which we are familiar here, such as the
' A n n non
struggle for reserves between the banks of different localities (10) S tan d ard T ru st & S a v in g s B a n k ................. ..........................
U D L iv e S to c k E x c h a n g e N a tio n a l B a n k . ........................................... ] M o o i o o o
and the collapse of domestic exchange, or the suspension of
The following banks show increased deposits, in round
solvent banks and the issue of inconvertible private cur­
numbers, of $1,000,000 each: Illinois Trust & Savings
rency , arc utterly out of the question. Mr. Andrews makes it
People’s Trust & Savings, Colonial Trust & Savings and'
plain that the task of the Monetary Commission in devising Foreman Bros. Banking Co.
a plan for currency legislation suitable to currency conditions
Proceedings under which control of the Hibernian
lere was by no means an easy one. It was necessary,he stated,
Banking Association of Chicago is to pass to the Continental
to provide a system of organization for our banks which
& Commercial National Bank of Chicago were ratified by
wou d secure the co-operation of 25,000 different institutions
the latter’s directors on Monday and by those of the Hiber­
scattered over widely differing localities and on a basis con­
nian on Tuesday. That negotiations to this end had been
sistent with the traditions of Federal democratic government
pending were indicated in the advance which occurred in
and in accord with the methods and practices familiar to our
the stock of the Hibernian immediately following the death
bankq.
I he plan which has resulted from the efforts of the
on May 31 of its President, John V. Clarke.
Within a few
Commission is not, Mr. Andrew said, copied from the insti­
days of that date, the selling price of tho stock rose from
tutions of any other country, but contains “ those features
223 to 231, and the advance continued until sales as high'as
which have produced greatest stability in banking conditions
285 were recorded,onJhe,12th. In acquiring control of the




T H E C H R O N IC L E
Hibernian, President George M. Reynolds of the Continental
& Commercial National makes it plain that there is not an
actual merger. He says: “ It is our intention to maintain the
Hibernian Bank just as it is. None of its present individu­
ality will be lost in the transaction. The bank will remain in
its present quarters and its business will be conducted by the
present personnel of the officers. I shall be elected Chair­
man of the Board of Directors, and some of our directors
will go on the board, enough to constitute a majority there.”
The Continental & Commercial National will increase its
capital from $20,000,000 to $21,500,000, the $1,500,000
additional stock being the equivalent of the Hibernian's
capital. The book value of both banks is slightly more than
$170 a share. To provide payment for the new stock a cash
dividend of 1 X
A % will be declared on the capital of the Conti­
nental. The latter’s stockholders are to waive their right
to the new issue in order that it'm ay be turned over to the
stockholders of the Hibernian in exchange for their present
holdings, which will be held in trust for the stockholders of
the Continental & Commercial National, in the same way
that the stock of the Continental & Commercial Trust &
Savings Bank is held. As a result of the transaction the
Continental will increase by more than $25,000,000 the
deposits under its dominion. On June 7 the Continental &
Commercial National had deposits of $176,453,677, while
those of the Continental & Commercial Trust & Savings
Bank were $20,507,006. The Hibernian’s deposits arc re­
ported as $26,500,517, of which about $21,000,000 are sav­
ings accounts. The vacancy in the presidency of the Hiber­
nian Banking Association was filled on the 8th inst., when
David R. Lewis, previously Vice-President, was chosen
President.
—-A glance at the comparative schedule of deposits from its
opening day, Feb. 5 1907, to its last statement on June 7,
tells a clear and concise story of the success of the National
City Bank of Chicago, of which institution David R . Forgan is
the President and guiding spirit:
Fob. 5 1007 (opening date)....................................................
r» 1000
- _____________________________ __i4,ou/ o.i
rail
M ch

7 1 9 1 1 ...........................
......... .................................................... 2 3 ,3 0 9 .5 5 5 86
7 1 9 1 1 ..............................................................................- ..............................2 7 .6 6 5 ,8 6 1 64

June 7 f o i i : : : : : : : : ..................................................- ............ 29.259.966 56
— The declaration of a stock dividend of 4 0 % , which will
serve to increase the capital of the National Safe Deposit Co.
of Chicago from $2,500,000 to $3,500,000, was approved by
the stockholders of the institution on Tuesday. More than
half the stock of the company is held by the First National
Bank of Chicago.
— The stockholders of the'TIarris Trust & Savings Bank on
the 14th approved the issuance of $250,000 of new stock,
increasing the capital from $1,250,000 to $1,500,000. After
the stockholders’ meeting the directors authorized the
transfer of $250,000 from the undivided profits account to
the capital account and the distribution of the additional
stock to shareholders of record May 29, pro rata, according
to their holdings on that date. This action makes the
capital and surplus of the Harris Trust & Savings Bank
$ 3 ,0 0 0 ,0 0 0 .:: . . . .
— The new organization which succeeds to the private
banking business of Greenebaum Sons, of Chicago, and
designated Greenebaum Sons’ Bank & Trust Co., began
operations on Thursday. The institution has a capital of
$1,500,000, and the management consists of Moses. E .
Greenebaum, President; Henry E . Greenebaum and James
E . Greenebaum, Vice-Presidents; Walter J. Greenebaum,
Cashier, and Milton E . Falker, Assistant Cashier. While the
business had been carried on under the name of Gi’eenebaum
Sons since 1877, when the three sons, Moses E ., Henry E .
and James E . Greenebaum, entered the concern, it was
founded by Elias Greenebaum in 1855. The latter, who is
eighty-nine years old, still takesjan active interest in its
affairs.. .. : .
: : :
— The First National Bank of Peoria, 111., and the Savings
Bank of Peoria— affiliated institutions— announce their
removal to their new and commodious banking rooms at
210-212 South Adams Street.
— The Citizens’ National Bank’Vtf Joliet, 111., was con­
solidated on the 9th inst. with the First National Bank of that
city. The new First National thus becomes the largest bank
in Northern Illinois outside of Chicago, with a capital and
surplus of $400,000 and assets of over 3 y2 million dollars.
George Woodruff continues as President of the First National.
The other officials are F. W . Woodruff, Andrew II. Wagner,
William D. Moore and John K . Bush, Vice-Presidents; Henry
O . Williams, Cashier; George Erb, Secretary, and A . J.
Stoos, Assistant Cashier.




1611

— In addition to the changes in the First National Bank of
Denver, mentioned in our issue of Saturday last, the institu­
tion lias a new Cashier in Charles S. Hauhgwout, who has
been chosen to that office with the advancement of F . G.
Moffat to a vice-presidency. In announcing the changes
made in the management of the bank on the 8th inst., a
statement issued by the directorate said:
A large control ol the stock of the First National Bank o f D enver has
this clay been purchased b y a group com posed of the follow ing Colorado
men: A . V . Hunter, Charles M . MacNeill, Spencer Penrose, H . M. B lack
m cr, L . C. Phipps, Thom as K eely, F. G. Moffat, Gerald Hughes, J . A*
Hayes and Richard F. H owe, together with Mr. Charles H ayden, o f the
New Y ork banking firm of H ayden, Stone & C o., W . S. M cCorm ick and
D. C. Jackllng of Salt Lake City and Charles Dcering of Chicago.
Under this sale the control of the bank rests in the hands of the Colorado
men above m entioned.
Special meetings of both the board of directors and stockholders o f the
bank were held to-d ay and the present vacancies on the board o f directors
were Illled b y the election of A . V . Hunter, Charles M. M acN eill, J . A . H ayes
and Charles H ayden. The board of directors, as now com posed, is a
follows: A . V . Hunter, Thom as K eely, F . G. MoITat, Charles M. M acN eill
Gerald Hughes, Charles H ayden, J. A . H ayes, Charles S. H aughwout and
Joseph C. H ouston.
A t a meeting of the board of directors. Immediately follow ing the m eeting
of the stockholders, Mr. A . V . Hunter was elected as President of the
bank In the place of the lateM r.D . H .M offa t. Mr. Thom as Keely remains
as Vice-President of the bank and Mr. F . G. Moffat was elected a V ice ­
President. Mr. Charles S. H aughwout was elected Cashier, and the other
officers of the bank remain unchanged.
The action taken to-day, and the sale of this stock, is the consum m ation
of the transaction announced several weeks ago through Messrs. H ayden,
Stone & C o., the New York bankers.

— The First National Bank of Richmond, V a ., during the
past year has made a gain of $1,801,679 in deposits, in­
creasing them from $5,922,126 June 30 1910 to $7,723,805
June 7 1911. This was the largest amount of money held
on deposit in any bank in Richmond on the latter date. The
institution’s capital, surplus and profits, $2,176,882, is not
exceeded by any other Richmond bank. The First National
does considerable business in foreign exchange. The execu­
tive officers are John B. Purcell, President; John M. Miller Jr.,
Vice-President and Cashier, and Frederick E . Nolting, Vice­
President. The Assistant Cashiers are Chas. R . Burnett,
J. C. Joplin, W . P. Shelton and Alex. F . Ryland.
— The Georgia Bankers’ Association at its annual session
on June 8 and 9 at Tybee Island adopted a resolution en­
dorsing the plan of currency reform outlined in the propo­
sition creating the National Reserve Association, but as
modified by the Currency Commission of the American
Bankers’ Association so as to include in its membership the
State institutions. A recommendation that a committee
of five bankers, officers of State banks, be appointed to draft
a bill for the establishment of a banking department in
Georgia under a bank commissioner or superintendent was
made in the report of Joseph A . McCord of Atlanta, Chair­
man of the Legislative Committee. Mr. McCord urged the
importance of this movement in view of the large increase
in the number of banks in the State and the increase in capital
and deposits. William W . Osborne, President of the E x­
change Bank of Savannah, in his annual address as President
of the Association, referred at length to the currency prob­
lem, and expressed himself as convinced from a study of
the matter that there is but one solution— the establishment
of a central bank owned and operated by the people of the
United States as a department of their government. While
he gave it as his opinion that the scheme suggested by the
National Monetary Commission will ultimately furnish the
basis for any plan which solves the problem, he added that
he could not give the plan his unqualified endorsement; in
his judgment, it- is open to grave criticism in two particulars:
viz.: (1) It undertakes to make the Reserve Association
a privately owned corporation; (2) it limits the activities of
the Reserve Association and its benign influence to its cor­
porate stockholders, to wit, the national banks.
— With the establishment of the National City Bank of
Seattle on June 1, the number of national banks in the city
has been increased to seven. The institution, as was
noted in these columns last week, is a conversion of the
Commercial State Bank. It starts with a capital of $500,000
and a surplus of $100,000, and is under the presidency of
J. W . Maxwell, who has for some time past been identified
with banking affairs in Seattle. Mr. Maxwell was formerly
a national bank examiner in the Pacific Northwest; he later
became Cashier of the National Bank of Commerce of Seattle
and more recently was Cashier and Vice-President of the
Seattle National Bank. In the management of the National
City Bank Mr. Maxwell has associated with him as Vice­
Presidents F. W . Baker, President of the Title Trust Co.
and J. II. Bloedel, President of the Larson Lumber Co. The
post of Cashier is to be filled later. W . B. Shoemaker and
C. B. West are Assistant Cashiers.

T H E C H R O N IC L E

1612

[V O L . L X X X X I I .

DEBT STAT EM E N T M A Y 31 1911.
The following statements of the public debt and Treasurycash holdings of the United States are made up from official
figures issued May 31 1911. For statement of April 30 1911
see issue of May 27 1911, page 1413; that of May 31 1910 see
June 11 1910, page 1532.

[F r o m o u r o w n c o r r e s p o n d e n t .]

.
London, Saturday, June 10 1911.
After business hours on Thursday an announcement was
made by the Birkbeck Bank that the directors had applied
IN T E R E S T - B E A R I N G D E B T M A Y 3 1 1 9 1 1 .
for the appointment of a liquidator, but that they hoped to
.
A m o u n t ----------- Amount Outstanding---------be
able to resume in a very short time. In any case, they
, ,
Interest
Issued.
Registered. Coupon.
Total.
Title o f Loan—
Payable.
$
$
$
§
will be able to repay ten shillings in the pound to the de­
2s, Consols of 1930............ Q.-j. 646,250,150 641,960,050 4,290,100 646,250,150
198,792.660 43,289,160 20,656,300 63,945,460 positors almost at once, and it is understood that in a very
3s, Loan of 1908-18.............Q.-F.
3s, Loan of 1925........... .. ..Q .- F . 162,315,400.98,921.100
19,568,800 118,489,900 short time a further five shillings will be paid.
How much
4s, Pan. Canal Loan 1906..Q.-N.
54,631,980 54,605,740
26,240 54,631,980
2s, Pan. Canal Loan 1908..Q.-F.
30,000,000 29,630,820
369,180 30,000,000 will ultimately be available for the depositors it is impossible
yet to state, assuming that there is no reconstruction. The
Aggregate lnt.-beartng d eb t..1,091,990,190 868,406,870 44,910,620 913,317,490 bank has been in existence for about sixty years.
It was
Note.—Denominations of bonds are: Of S20, loan of 1908, coupon and registered:
of $50, all Issues except 3s of 1908: of S100, all Issues; of S500, all Issues; of $1,000. originally established as a building society by a well-known
all issues; of $5,000, all registered 2s, 3s and 4s; of $10,000, all registered bonds of philanthropist, and it did a very considerable business.
$50,000, registered 2s of 1930.
It was more or less always of a philanthropic character. It
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
attracted deposits by offering 2 j ^ % interest upon them, and
April 30.
May 31. to small people who save not very large sums a steady inter­
Funded loan of 1891, continued at 2% , called May 18
1900, Interest ceased Aug. 18 1900____ _________
$7,000 00
Practically it was
$7,000 00 est of that kind was very attractive.
Funded loan of 1891, matured Sept. 2 1891..............
23,650 00
23,650 00 about the same as was offered by the Government savings
Loan of 1904, matured Feb. 2 1 90 4 ............................
13,450 00
13,450 00
Funded loan of 1907, matured July 2 1907_________
942,650 00
930,500 00 banks.
Refunding certificates, matured July l 1907________
14,780 00
14,770 00
In 1892 the class of depositors who placed their money
Old debt matured at various dates prior to Jan. 1 1861
with the Birkbeck Bank were alarmed by the failure of two
and other Items of debt matured at various dates
subsequent to Jan. 1 1861.................. ........... ...........
904,380 26
904,380 26 or three other institutions of the same kind, and there was a
severe run upon it which lasted for several days. It weath­
Aggregate debt on which Interest has ceased since
maturity ................................................................... $1,905,910 26 $1,893,750 26 ered the storm, however, and was supposed to have come
out of the trial stronger than ever. Last year there was a
DEBT BEARING NO INTEREST.
second run caused by an anonymous writer who warned a
,
April 30.
May 31.
United States notes................................................. $346,681,016 00 $346,681,016 00
multitude of the depositors that the bank was in danger
Old demand notes.................... ................. .............
53,282 50
53,282 50
National bank notes—Redemption account........ 36 462 740 50
The
34,753,468 00 and recommended them to withdraw their money.
Fractional currency, less $8,375,934 estimated as
bank has never recovered from the second run. Its inherent
lost or destroyed..................................................
6,857,905 93
6,857,390 93
weakness was, firstly, that it was not a bank proper. The
Aggregate debt bearing no Interest.......... ....... $390,054,944 93 $388,345,157 43 connections between the building society and the bank
RECAPITULATION.
were too close, and there was an uncertainty as to whether
Increase ( + ) or the shareholders in the building society had not a prior claim
Classification—
May 31 1911.
April 30 1911.
Decrease ( —).
over the depositors upon the assets of the bank. A second
Interest-bearing debt........ $913(317,490 00
$913,317,49000
Debt Interest ceased--------1,893,750 26
1,905,91026
—S12.160 00 source of weakness was that the directors invested a large
Debt bearing no Interest..
388,345,157 43
390,054,94493 -1,709,787 50
part of the deposits in high-class securities. It is said that
Total gross debt------------ $1,303,556,397 69 $1,305,278,345 19 —$1,721,947 50 at one time they held several millions sterling of consols.
Cash balance In Treasury * .
236,477,946 66
235,705.902 10
+772,044 50 They believed that the confidence of the depositors in them
HTotal net debt ...............$1,067,078,451 03 $1,069,572,443 03 —$2.49T,992"oO was so great that no run would be continued long enough to
ruin them, and in the worst case they hoped that, holding
* Includes $150,000,000 reserve fund.
immense masses of first-class securities like consols, they
pr The foregoing figures show a gross debt on May 31 of would be able to borrow from the Bank of England to meet
$1,303,556,397 69 and a net debt (gross debt less net cash in any emergency. Unfortunately for them, the conversion
the Treasury) of $1,067,078,451 03.
of consols from 3 per cents to
per cents, the enormous
increase of debt caused by the South African W ar, and the
T R E A S U R Y CASH A N D D E M A N D L IA B IL IT IE S .— admission of so many other securities, such, for example, as
The cash holdings of the Government as the items stood colonial government securities, as stocks in which trustees
May 31 are set out in the following:
could invest, have brought down the price of consols so low
ASSETS.
L IA B IL IT IE S .
that practically the directors found that the policy in which
Trust Fund Holdings—
$
Trust Fund Liabilities—
$
Gold coin........................ 983,158,669 00 Gold certillcates............ 983,158,669 00 they trusted was a broken reed.
It is understood that they
Silver dollars--------------- 468,436,000 00 Silver certificates--------- 468,436,000 00 applied to the Bank of England for assistance; that the Bank
Silver dqllars of 1890.j_
3,286,000 00 Treasury notes of 1890
3,286,000 00
of England referred them to their own bankers— that is to
Total trust fuhd 4____1 454,880,669 00
Total trust liabilities. 1,454,880,669 00 say, to their clearing-house agent; and that upon examining
General Fund Holdings—
Gen. Fund Liabilities—
Gold coin and bullion..
19,425 193 53 National Bank 5% fund 25.831,645 30 all the accounts, it was found that there was a deficiency of
Gold certificates___ ....
.36,958 ,040 00 Outstanding checks and
not much short of half a million sterling in the assets. In
Silver certificates____ '.
5,848 232 00
drafts .................
10,950,145 67
consequence, it was not expedient to give the help, but it is
Sliver dollars___ ___ : . i
23,711 , 149 00 Disbursing officers' bal­
Silver bullion____ _____
3,907 ,225 65
ances ...................
77.088,494 16 still hoped that a re-constitution will be effected.
United States n o t e s ....
11,664 414 00 Post Office Department
I lie city has taken the suspension with great calmness.
Treasury notes of 1890..
10 194 00 account......................
8,821,427 65
National bank nbtes__ L 30,904 360 31 Miscellaneous Items___
1,101,262 78
1 he bank.did not do banking business of the orthodox kind.
Fractional silver c o in ...
21,388, 360 13
Its depositors rarely had as much as a thousand pounds
Fractional currency. . . L
127 50
Total gen'l liabilities. 123,792,975 56
Minor coin.................... ..
deposited with the bank. The great majority of the accounts
990 174 01
Bon'ds and Interest paid
10, 668 35
were for small amounts— £5 0 , £100 and up to £200 . At one
time the deposits reached as much as 15 millions sterling.
Tot. In Sub-Treasuries 154,878,138 48
In Nat. Bank Depositaries—
It is believed now that they are down to something between
Credit Treasurer of U. S .
38,140,968 16
seven and eight millions sterling, and it is understood that
Credit U. S. dlsb. offlcers
11,687,802 35
the assets arc of such an unquestionable kind that a number
Total I n ,b a n k s ...... '49,828,770 51
of banks are prepared to advance enough to pay the depos­
In Treas. of Philippine Islands—
Credit Treasurer of U. S .
2,487,944 37
Cash Balance and Reserve—
it0^ 10s. in the pound, say, roughly, 3 % millions sterling,
Credit U. S. dlsb. officers
3,076,068 86 Total cash and reserve.. 236,477,946 66
and it is believed that in a few months it will be possible to
Made up of—
Total In Philippines!.
5,564,013 23 Available.. 86,477,946 66
pay another 5s. How much more can be saved will depend,
and
of course, upon the liquidation. If there is a re-constitution
Reserve Fund flQlditigs—
Reserve Fund—
Gold coin and bullion:.,. 150,000,000 00 Gold&bull. 150,000,000 00
of any kind so that the assets can be nursed and the liqui­
dation carried out cautiously and prudently, there may be
ET Grand total................ 1.815,151,591 22
Grand total................ 1,815,151,591 22
no loss at all. For instance, consols this week have been
T R E A S U R Y C U R R E N C Y H O L D IN G S.— The following under 80. A rise of a pound or two would make an immense
compilation, based on official Government statements, shows difference in the liquidation. The only danger now is that
the currency holdings of the Treasury at the beginning of the depositors in similar institutions may take fright. If
they do not, the suspension will be forgotten in a very short
business on the first of March, April, May and June 1911.
time.
t r e a s u r y n e t h o l d in g s .
Monday was a bank holiday, and on Tuesday morning it
Afch. 1 1911. Apr\ 1 1911. May 1 1911. June 1 1911. was known by all the well-informed on the Stock Exchange
Holdings in Sub-Treasuries—
$
$
g
g
Net gold coin and b u llion ...----- 227,178,354 231,726,269 220,749,280 206,383,234
that the Birkbeck Bank was in difficulties. Practically,
tt Vitr ?
? 0tl^bU " on............. 21,801,235 27,760,068 29,734,798 33,466,607 therefore, there has been nothing doing upon the Stock
Net United States Treasury notes
9 749
12,724
10,194
8,743
Net;4egal-tender notes _. ___ _ _ 5,718^382
If there is no run upon other banks
5,665,946 10,660,527 11,664,414 Exchange all the week.
Net,natlonal bank notes.............. 31,472’797 27,560,025 30,356,824 30.964.360 of the Birkbeck kind, the Stock Exchange will feel that a
Net fractional silver...____ 20’,66l'890
20,935,886 21,278,864 21.388.360
Minor coin, & c . i . . . i . . . . . . . ___
1,442 406
1,369,308
1,185,336
1,000,970 load has been lifted off its shoulders, and probably there will
be, once the Coronation is over, a marked recovery, for the
Total cash In Sub-Treasuries..308,284.813 315.030,226 313,974,372d304,878,139
Less gold reserve fund- i - ......... ...150,000,000 150,000,000 150,000,000 150,000,000 calmness with which the Stock Exchange has received the
news of the suspension shows that Stock Exchange business
Cash balance In SUbrTreasurles-. 158,284,813 165,030,226 163_974 372 15^878^39 is perfectly sound.
!n ?ii.t.!?nal barn^Sl Y ' " " - 4o’ ? ^ ' 65i 46,732,832 46,393’,015 49,828,771
Cash In Philippine Islands-j - - ~
6,194,992
5,261,144
4,929,019
5,564,013
The India Council offered for tender on Wednesday 60 lacs,
Net Cash In tanks, Sub-Treas.211,147,456 217,024,202 215,296,406 210,270,923 and the applications amounted to nearly 774 lacs, at prices
ranging from Is. 3 15-16d. to Is. 4d. per rupee. Applicants
Deduct current liabilities.tt__ ..125,621,748 127,569,676 129,590,504 123,792,970
for bills at Is. 3 15-16d. were allotted 4 % and above in full,
Available casji balance.,.___ j 85,525,708 89,454.526 85,705,902 1Tm 77\947
and applicants for telegraphic transfers at Is. 3 31-32d.
a Chiefly "disbursing offi \ rs* balances.” d Includes $3,907,225 65 sliver bullion per rupee 4 % and above in full.
The amount to be offered
and>$l,000,969 8.6 minor go , Ac.Jnot included in statement "Stock of Money."
next week will be 50 lacs.




T H E C H R O N IC L E

J u n e 17 1911. |

The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
&c., compared with the last four years:
1011.
June 7.

£

28,288.670
13,914,151
41,193,084
14,971,344
28,890,450
Reserve,notes&coln 26,966,730
Coln&bull.,bothdep 38,803,400

Circulation.............
Public deposits___
Other deposits____
Govemra’t securities
Other securities___

1910.
June 8.

1909.
June 9.

£

28,006,050
24.931.604
37,587,275
17,183,939
31,130,395
31,940,878
41,497,528

£

1908.
June 10.

1907.
June 12.

29,019,600
9,760,004
44,328,825
15,007,531
29,427,994
27,424,035
37,993,635

28,835,465
9,774,488
42,577,162
15,084,520
30,538,822
24,618,266
35,003,731

£

29,401,545
13,864,834
42,311,130
15,368,812
31,113,755
27,367,154
38,318,699

£

1613

The re-exports of foreign and colonial produce since Jan. 1
Re-exports—
January_______________________
February ______________________
March ________________________
April

1910.
£
8,147,164
10,184.560
8,443,988
11,858,654
8,294,262

1911.
£
8,641,472
9.994.156
9.174.666
9,488,811
8,834,951

Difference.
£
+ 494,308
— 190.404
+730.678
—2,369,843
+ 540,689

Per
Cent.
+ 6.0
—1 8
+87
—20.1
+ 6 .5

— 1.7
— 794,672
Five months_______________ _ 46,134.056
46,928,628
Note.—The aggregate figures are official. They Indicate that slight adjustments
have been made In the monthly returns as Issued.

Prop, reserve to lia­

47
bilities......... p. c.
52}$
51
48}$
50}$
4
Bank rate------ p. o.
3
*3
2}$
2K
84 1-16
Consols, 2 K p. c—
80}$
82}$
84}$
87H
30
13-16d.
Sliver......... - ......... 24 9-16d.
24}$d.
24 5-16d.
24Ud.
Clear.-house returns 261,004.000 265,275,000 237,788,000 170,629,000 215,005,000
* June 8 1910.

Bank of England rate..........
Open market rate—
Bank bills—60 d a y s _____
— 3 months___
— 4 months___
— 6 months___
Trade bills— 3 months___
— 4 months___
Interest allowed for deposits—
By Joint-stock banks_____
By discount houses—
At call_______________
7 to 14 days............... ..

May 26.
3

8.
3

June 1.
3

2
2 1-16

2 }$
2 1-16
2}$
2 1-16
2H
2 }$@ 2 3-16
2}$
2 7-16@2}$
2}$@ 3
2>A
2}$@ 3
3

214

2 }$
2}$
3

May 19.
3
2 3-16@2}$
2 3-16@2}$
2 /'i
2}$@ 2 7-16
2}$@3
2}$ @3

IK

1 }$

1 }$

IK

1J$
lH

1}$
1}$

1}$
1}$

IK
15$

The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Interest at—
P a ris....................
Berlin.............. —
H am burg............
Frankfort---------Amsterdam ____
Brussels -----------Vienna ........ .......
St. Petersburg—
Madrid____ _____
Copenhagen -------

June 3.
Bank Open
Rate. Market.
.. 3
2K
2}$
.. 4
2}$
.. 4
3
.. 3
2K
2
-- 3K
-. 4
3K
... 5
nom.
-- 4K
3K
—
4K
4K

May 13.
May 20.
May 27.
Bank Open
Bank Open
Bank Open
Rate.
Market
Market.
Rate.
Rate. Market.
2}$
3
3
2K
3
2}$
2%
4
2%
4
4
2%
4
2}$
2K
4
4
2K
4
2 13-16
2 }$
4
2 13-16
4
3}$
2%
3H
3
2 1-16
3
2)$
2K
AK
3K
3 K 2 1-16
4
3}$
4
3}$
3 7-16
4
nom.
nom.
5
nom.
5
3K
4K
3K
4K
3K
4K
4K
4K
4K
4K
IK
4K

Messrs. Pixley & Abell write as follows under date of
June 8:
GOLD.—There Is still no demand for gold In the open market, and after supplying
India with £170.000 there remains nearly £600,000 which Is expected to go Into the
Bank of England. The New York sight exchange has been down to 4 85J$ and the
possibilities of gold withdrawals for that quarter are being discussed. In July of last
year, when the exchange was at about the same level, £2,200,000 was taken for the
United States. Since our last the Bank has received £478,000 In bar gold, while
France has sent £24,000 In sovereigns and Australia £17,000, and there has been
no withdrawals. Next week £608.000 Is due from South Africa. Arrivals: South
Africa, £633,000: India, £114,000; Australia, £13,000; Brazil, £25,000; West Africa,
£17,000; total, £802,000. Shipments—Bombay, £197,000.
SILVER.—The market continues to be quiet, with business on a small scale. For
the sixth week In succession 24 9-16d. has proved to be the working level for silver.
At over this rate China gives no support and sellers become more eager, while on the
otherhand, at 24 }$d. sellers withdraw and the prlcoflnds Its level again. For the time
being there Is nothing In sight to disturb this condition of affairs. It Is reported that
the monsoon has broken In Bombay, and the reduction of stocks there Is more
satisfactory than Is Indicated by the off-take from the Bazaars, which Is reported not
to exceed 100 bars dally, while stocks have altogether been depleted by £158,000
during the week. India has, however, been only a small buyer on this market,
and the support has again come mainly from China, In spite of the Shanghai ex­
change being still below parity. Business In China Is reported to be exceedingly
quiet. The stock of sycee and bars In Shanghai Is £80,000 lower on the week, cur­
rency figures In India show a substantial Increase and are 110 lacs higher. The price
In India Is Rs. 02 5$ per 100 tolahs. Arrivals—New York, £185,000. Shipments—
Port Said, £1,500; Bombay, £3,500; Madras, £5,000; Calcutta, $15,000; total,
£25,000.

English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Sat.
Week ending June 16.
Silver, p eroz...... ............... d. 24}$
Consols, new, 2}$ per cents. 80 1-16
For account........ ................. 80 K
French Rentes (In Paris), fr. 96.15
Amalgamated Copper C o ... 69}$
Amer. Smelting & Refin. Co. 83}$
6 Anaconda Mining Co......... 8}$
Atch. Topeka & Santa F e ...l l 8 } $
Preferred________________108
Baltimore & Ohio................. I l l
Preferred.......................... 92
Canadian Pacific....................249%
Chesapeake & Ohio.............. 88
Chicago Great Western.........25}$
Chicago MUw. & St. Paul.-.133
Denver & Rio Grande.............30
Preferred_______________ 67
E rie .........................
37 M
First preferred.................. 58
Second preferred.......... . 47}$
Illinois Central-..................... 145
Louisville & Nashville----- -.166}$
Missouri Kansas & Texas— 37 }$
Preferred............................69}$
Missouri Pacific-------------------52}$
Nat. R R. of Mex., ls tp r e f.. 67
Second preferred.............. 31
N. Y. Central & Hud. River. 113}$
N. Y. Ontario & W estern... 45}$
Norfolk & Western...............I l l
Preferred........................... 93}$
Northern Pacific----------------- 140}$
a Pennsylvania-------------------64
a Reading Company---------- 82}$
a First preferred............ . 46}$
a Second preferred.......... .. 50}$
Rock Island------------34}$
Southern Paclflo..................-124
Southern Railway__________ 31}$
P referred......................... 72
Union Pacific.........................192
Preferred----------------------- 97
U. S. Steel Corporation___79}$
Preferred________________121}$
Wabash____________ _____ - 17 H
Preferred________________ 39}$
Extended 4 s . - - ................ 71
a Price per share.

© o m m c u c ta l a n ti

June 8. June l.|
SILVER.
June 8. J u n ei.
d.
d.
s. d.
s. d. | London Standard.
24 9-16
77 9
77 9 IBar silver, fine, o z ...
24 %
76 4 K 76 4 K | " 2 mo. delivery....-24}$
26}$
76 4 1Cake sliver, o z _____ -26}$
76 4
nom.
76 5 K 76 5 K 1Mexican dollars........ ..nom.
76 4 1
76 4

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
im p o r t s .

Thirty-nine weeks.
1910-11.
Imports of wheat..................... cwt.72,474.700
Bariev
16 033,300
Oats
---------- -------------------- " I l l 06*800
.......................... ..................... 1 722 821
Bean's.....................
570.947

1909-10.
1908-09.
1907-08.
75.331,740 05,728,100 70,946,900
18,621,400 17,627,500 17,595,800
14 585.200 10,430,300
9,249,800
1 856,637
1,202,950
1,247,420
1,896,651
1,002,250
847,370

Flour ........ ..................................... 7,729,400

8,814,451

in d iM co m ::::::::::::::::::.-32 .33 5 ioo

27, 118,258 25,730,800 29,455,300
8,889,400

11,135,300

Supplies available for consumption (exclusive of stock on
September 1):

1910-11.
Wheat Imported.......... ......... cwt.72,474.700
Imports of flour.
___________ 7,729,400
Sales of home-grown...... ..............20,551,526
Total ...........................
Average price wheat, week..........
Average price, season____________

1909-10.
75,331,700
8,814,451
23,404,537

1908-09.
1907-08.
65,728,100 70,946,900
8,889,400 11,135,300
24,466,417 29,031,776

Wed.

Thurs.

Frl.

8K

1185$
108
111
92}$
248}$
88
25
133}$
31}$
67
38}$
60}$
48 K
145
157
38 K
71
52}$
67
31}$
113}$
46
HiK
93 K
141
64 K
82}$
46 K
50
34}$
124}$
32 K
74
192}$
97
80}$
121}$
17}$
40
71

118 K
108
111
92 K
248}$
87 K
24}$
132}$
30 K
64}$
37}$
59}$
47 K
145 K
156
38
70
51}$
67
31}$
113}$
46
111
93 K
1405$
64
82 K
46
50
34}$
124
33}$
74
1915$
97
79}$
121H
17}$
40}$
71

8}$

118}$
108
111
92
247}$
87)$
24 K
132}$
29}$
61K
37}$
58}$
48
145
156
385$
70
52
67
315$
113 K
47}$
111
93 K
140)$
64}$
82}$
46
50
35
124}$
33
74}$
192 K
97
81}$
121K
18
40}$
71

8}$

117}$
108
1115$
92
247}$
87}$
24 K
1325$
29 K
61K
365$
59
475$
145 K
157
38
70}$
52
66}$
30)$
114k
475$
111 K
93 K
1395$
64}$
82}$
455$
60
35
Cl22}$
33}$
74}$
1915$
97
815$
121)$
18
40)$
70 K

8}$

117}$
108
111}$
92
2475$
87
245$
132
295$
61K
365$
57}$
47 K
145 K
156 K
39
70
52
66}$
30}$
114
47 K
111
93}$
1385$
64 K
82 5$
465$
46
34 H
122
33 K
74
19D$
97
815$
122
175$
40
70 K

c Ex-dlvldend.

s c eH a tm n t

iu &

A P P L IC A T IO N TO C O N V E R T A P P R O V E D .
The Farmers’ State Bank of Osm ond, N eb., Into "T h e First National
Bank of O sm ond.” Capital, $25,000.
C H A R T E R S ISSU ED TO N A T IO N A L B A N K S JU N E 1 TO JU N E 2.
10 026— The National City Bank of Seattle, W ash. Capital, $200,000.
’
J. W . Maxwell, Pres. F. W . Baker, VIce-Pres.; J. II. Bloedel,
Cashier; C. B . W est, Asst. Cashier. Conversion of the Commercial
10 027— The En'sworth National Bank of W aterford, Pa. Capital, $2 5,000.
F. W . Ensworth, Pres.; R . O. W oodruff, V lce-P rcs.; A . C . E nsw erth,

CAshtcr*

10 028— The First National Bank of Coal Creek, Tenn. Capital, $25,000.
E M Beasley, Pres.; S . B. Farris, V ice-Pros.; M. II. Irwin, Cashier;
Thos. W atts Jr., Asst. Cashier. Conversion o f the Citizens’ Bank o f
10 029— The Flnst National Bank of Bay Shore, N . Y . Capital, $50,000.
’
William II. Rebblns, Pres.; George S. K ing, Vlce-Pres.; Olin S.
Brewster, Cashier.
V O L U N T A R Y L IQ U ID A T IO N S .
2,444— The Farmers’ & Mechanics’ Nat. Bank o f Cadiz, O. May 29 1911.
7 71,|— The First National Bank o f Tioga. T ex. May 12 1911.
7 go4— The Bowling Green Nat. Bank, Bowling Green, K y . May 31 1911.
o ’s i e — The First National Bank o f Loveland, Ohio. May 25 1911.
5*089— The First National Bank o f A lbany, III. June 7 1911.

Canadian Bank Clearings.— The clearings for the week end­
ing June 10 at Canadian cities, in comparison with the same
100,755,626107,550,68899,083,917111,113,976week of 1910, shows an increase in the aggregate of 2 1 .4 % .

32s. 5d.
30s. 8d.

31s. 3d.
33s. Od.

42s. 6d.
34s. 6d.

33s.5d.
,33s.3d.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:

This week.
Wheat ....................................qrs. 3,470,000
Flour, equal to .......... .......... qrs.
200,000
Maize ................ - ...................qrs.
435,000

Last week.
3,385,000
180,000
415,000

1910.
3,780,000
180.000
515.000

1909.
3,290,000
155,000
1,070,000

Week ending June 10.
Clearings at—

Canada—
Montreal _____________
Toronto----------------------The British imports since Jan. 1 have been as follows:
Per
Winnipeg_____________
1911.
1910.
Difference.
Cent. Vancouver____________
Imports—
£
£
£
January ......................................... 62,694,771 55,909.684
+6,785.087 + 12.1 Ottawa_______________
+ 9.6 Quebec___- ---- ---- -----February
..................................... 66,069,390 51,150,942
+4,918,448
+ 0.7
Halifax...........................
March
58.543,02258,108,947+434,075
A p r i l ........................................ - - - 51,850,987 59,556,231 —7,705,244 — 12.9 Calgary ------- -------------— 2.3 Hamilton_____________
M a y ___________ _____- ............... 53,929,824
55,229,753
— 1,299,929
St. John______________
+ 1.1 Victoria........ - .................
Flvo months..............................283,051,009 279,924,150
+3,126,859
London ______ _______
The exports since Jan. 1 have been as follows:
Edmonton------------------Per
1911.
1910.
Difference.
Aqrlnd ----------------------iviKiiii*
Cent. D
Exports—
£
£
£
Brandon---------------------+
8.4
January........................................... 37,730,831 34,803,115
+2,927,716
Lethbridge
......................
February......................................... 35.653.120 31.691,870
+3,961,250 + 12.5 Saskatoon_____________
March ............................................. 40.863.912 34,391.558
+6.472,354 + 18.8 Brantford ____________
+ 1.1
April ............................................... 35,692,456 35,292,215
+400,241
33,607,311
+4,007,517 + 11.9 Moose Jaw......................
M a y ............................................. - 37.929,824
Total Canada..............
.187,555,147 169,786,069 +17,769,078 +10.4
Five




Tues.

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

The quotations for bullion are reported as follows:
GOLD.
London Standard.

&£ sterling,

Mon.

24 9-16 24}$
24>$
24}$
24}$
79 9-16 79 11-16 79J$
79}$
79}$
79}$
79}$
79 15-16 79 15-16 79 15-16
96.17}$ 96.15 96.17}$ 96.12}$ C95.32J4
72}$
72 H
70}$
725$
715$
84
86
85}$
85
85

1911.

1910.

Inc. or
Dec.

1909.

1908.

$
$
S
’
5
%
+ 0.8 39,988,859 28,252.749
48,771.47C 48,376,817
42,650,020 31,746.884 +34.3 29,075,394 20,404,016
20,629,571 16,173,395 +27.5 11,476,0-14 9,154,358
5,247,393 3,310,715
11,270,640 8,275.035 +36.1
3,461,677 3,025.078
3,611,827 i +10.2
3,978,59(2,984,124 i +0.7
2,697,548 2,403,280
3,004,934
1,900.259
1,931,624
1.774,602 2,076,211 — 14.5
1,886,179 1,100,178
3,919,036 3,154,057 +24.2
2,786,912
1,793,267 +55.4
1,635,425 1,204,799
1,477,396 1,476,197
1,723.637 ; — 16.3
1,442,353
1,346,483 1,180,018
1.831,531 1 +38.9
2,543,775
1,009,190
1,266,192
1,537,630
—6.7
1,434,999
690,092
1,086,334
1,228,754 + 73.8
2,135.758
______ _
........
1,073,357 +28.5
1,379,069
............ ..
m il...
497,063 +31.6
654,611
597,745 Not Include d In tot at.
1,052.405 Not Include d In tot al.
497,106 Not include d In tot al.
797,901 Not Include d in tot al.
148,376,366 126,083,589

+ 17.7 102,575,549 75,110,917

1614

THE CHRONICLE

Breadstuffs Figures brought from page 1649. — The state­
ments below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at- -{ Flour.

Wheat.

Com.

Oats.

Barley.

248,630
305,064
307,681

2,505,768
1,976,102
1,181,783

6,058,380
4,075,168
3,470,867

13,000
6,100
8,400

1,100

4,577,363
400,935
2,670,432, 1.134,050
2,495,872
708,453

28,000
66,091
52,607

Since Aug. 1
1910-11... 13,894,253 199,465,320 252,021,908 171,390.940 01,392,144 5,022,448
1909-10.. 18,212,995 231,278,108 164,225,256 75,388,297 75,244,834 0,462,668
1903-09... 17,961,113 205,909,677 133,695,839 149,885,851 77,198,519 6,020,610

Total receipts of flour and grain at the seaboard ports for
the week ended June 10 1911 follow:
Flopr,
Wheat,
Corn,
Receipts at—
bbls.
bush.
Irush.
New Y o r k ............. 155,831
327,000
210,720
B oston..................
28,998
32,560
15,213
Philadelphia.........
40,327
124,070
65,084
Baltimore..............
31,560
52,240
284,480
Richm ond.................................................
.
New Orleans*----20,395
4,900
138,300
Newport News___
857
...........
..........
N orfolk.................
2,500
...............................
Galveston............................
12,000
Mobile....................
3,503
______
12,750
Montreal................
55,392
801,300
209,087
Total week 1911.. 339,363
Since Jan. 1 1911.-8,195,755
Week 1910
250.390
Since Jan. I 1910..7,521.074

Oats,
bush.
488,000
102,423
151,109
48,514

Barley,
bush.
7,525

Bye,
bush.
12,125
200
1,418

500
590.435
13,743
303,069
23,759
382,370

The exports from the several seaboard ports for the week
ending June 10 1911 are shown in the annexed statement:
.

Total week___ 1,402,023 1,058,640 247,669
Week 1910......... 933,560 227,022 139,472

Oats,
bush.
4,860
20,214

Bye,
bush.

Barley,
bush.

........

........

Vo'ood
'**500
466,000

:::::

501,574
290,217

.........

Peas,
bush.
3,112
-.1 ..

::::

74*937

3,112
1,807

-------- Flour-— -— --------- Wheat----------- -----------Corn-----------Since
Since
<Sf»ce
Week
July 1
Week
July 1
Week
July 1
Exports for week and June 10.
1910. June 10.
1910. June 10.
1910
Since July 1 to—
bbls.
bbls.
bush.
bush.
bush.
bush.
United K ingdom ... 74,377 4,191,579 761,012 34,640,749
669,474 21,202,051
Continent................. 106,929 1,970,586
624,084 20,846,864 213,169 22,668,706
Sou. & Cent. Amer. 39,980 1,055,408
17,527
361.015
118,000 2,650,944
West Indies...____ 26,113 1,202,439
...........
8,212
57,997 1,554,546
Brit. Nor. Am. C0I3.
150
79,295
14,404
Other Countries___
120 234,348
25,000
55,126
Total---------------- 247,669 8,733,055 1,402,623 55,881.840 1 05S 640 48 2IS 677
Total 1909-10..........139,472 9,144,816 933,560 82,209,484 ’227^022 28|320[428

S f l’ho world's shipments of wheat and corn for the week
ending June 10 1911 and since July 1 1910 and 1909 are shown
In the following:
Wheat.

Com.

1910-11.
Week
June 10.

1910-11.

Since
July 1.

! Bushels.
Bushels.
North Amer. 2,368,000 124.843.000
Russia......... 4,224,000 212.880.000
Danube___ I 408,000 85,786,600
Argentina . . 2,512,000 85.818.000
A ustralia...; 984,000 54.792.000
In d ia .......... -1,928,000 47.836.000
Oth. countr’s
88,000 7,632,000

Since
July 1.
Bushels.

Week
June 10.

Bushels.
796,000
207.688.000 1,530,000
19.690.000 3,018,000
56,620,000, ______
_____
39.284.000
135.359.000

1909-10.

Since
July 1.

Since
July 1.

Bushels.
Bushels.
43.626.000 28.075.000
23.864.000 17.698.000
75.282.000 26.322.000
55.516.000 64.923.000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United \
Kingdom. \Continent.
1 ST*
June 10 1911..
June 3 1911..
June 11 1910..
June 12 1909..
June 14 1908..

Corn.
Total.

Bushels.
Bushels.
Bushels.
26.904.000 29.384.000 56.288.000
25.680.000 33,192,000 58.872.000
28.400.000 11.480,000 40.240.000
27.010.000 13,700,000 40.800.000
22.560.000 14,610,000 37.200.000

Receipts—
Customs..................
Internal /Ordinary.

Total receipts___
Disbursements—

United
Kingdom. Continent.
Bushels.
6.239.000
4.701.000
4.590.000
9.010.000
7.735.000

Bushels.
6.571.000
5.134.000
3.190.000
12.070.000
10.115.000

Total.
Bushels.
12,810,000
9.835.000
8.500.000
21.030.000
17.850.000

1909-10.

Apr. | May 11 mos. Mch.

May 11 mos.

58,465 51,092 61,232 014,383 60,152 63.154 51,608 592,394

W a r ______________
N a v y _____________
Indians.....................
Pensions.............. .....
Postal deficiency___
Int. on public d e b t..
Panama Canal..........

14.851
14,342
9,729
1,377
13,572
84
123
2,863

15,190
13,878
10,039
1,800
11,312
____
3,251
2,883

15.321 162,500 14,869 16,849
11,864 148,049 12,855 11.895
9,475 109,822 10,492 9,801
5,836
19,286 1,230 1,300
14,368 146,245 13,654 11,359
1,035
1,040
382 1,216
1,977 21,211
151 3,204
2,830 33,909 2,037 3,020

156,777
144,073
112,383
10,497
148,839
9,496
1,955 21,207
3,968 31,208

13,585
10,599
8.079
4,017
14,309

Total disbursements 56,941 58,413 62,706 642,068 55,670 58,764 57,112 611,080
Less repayment of un­
expended balances. 2,428 2,972 3,968
652 2,036 1,937 4,964 4,203
54,513 55.441 58,738 641,410 53,634 56,827 52,148 630,877

BANK NOTES— CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.— We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. T h e statem ent f o r M a y 1910
w ill he f o u n d in our iss u e f o r J u n e 11 1910, page 1534.

1910-11.

Bonds and Legal Tenders
on Deposit for

May 30 1911
April 30 1911
Mch. 31 1911
Feb. 28 1911
Jan. 31 1911
Dec. 31 1910
Nov. 30 1910
Oct. 31 1910
Sept. 30 1910
Aug. 31 1910
July 31 1910
June 30 1910

s

697.441.300
695,657.540
697,082.510
697,088,760
696.706.300
695,063,920
696,693,100
694,926,070
691,901,860
689,813,710
688,458,280
686,974,880

Legal
Tenders.
$
34.812,726
36,675,998
35,891.130
35.815,326
33,506,185
34.335,925
33,160.390
33,538,463
32,038,029
30.188,728
27,561,375
27,913,720

Circulation Afloat Under—
Bonds.

Legal
Tenders.

S

3

693,665,285
691.468.720
693,261,780
693.119,715
692,939,203
693.370.050
693,695,443
691,335.845
688.157.577
087,132,323
084,468,093
685,517,013

34.812.720
30,675,998
35,891,130
35,815,320
33.506,185
34,335,925
33,160,390
33.538,403
32,638,029
30,188.728
27,561,375
27.913.720

Total.
3
728,478,011
728,144,718
729.152,916
728,935,041
720,445,388
727.705,981
720.855.833
724,874,308
720,795,GOO
717.321.051
712,029,468
713,430,733

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on May 31.
Bonds on Deposit
May 31 1911.
4% Loan of 1925__ __
3% Loan of 1908-1918..................
2% Consols of 1930............
2% Panama of 1930........................
2% Panama of 1938........................
4% Philippine Loans....................I
4% Porto Illco Loans................
3.65% District of Columbia........ I
Various, Territory of Hawaii........
4% Philippine Railway........ ........
Various, State, City and Railroad.
T o ta l............................................

V. S. Bonds Held May 31 to Secure—
Bank
Circulation.

Public Deposits
in Banks

3
22,005,800
15,817,780
581,115,200
51.153,540
27,348,9S0

4.290.000
4,754.300
25,142,900
2.768.000
1.530.000

697,441,300

Total
Held.

944.000
872.000
063.000
146.000
4.361.000

26,301,800
20,572,080
006,258,100
53,921,540
28,878,980
4,717,000
944.000
872.000
663.000
140.000
4,361,600

50,194,800

747,636,100

4.717.000

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits May 1 and
June 1, and their increase or decrease during the month of
May:
National Bank Notes—Total Afloat—
Amount alloat May 1 1 9 1 1 ...................................................................... $728,144,718
Net amount Issued during May.................................................................
333,293
Amount of bank notes afloat June 1 1911..............................................$728,478,011
Legal-Tender Notes—
Amount on deposit to redeem national bank notes May 1 1911.............. $36,675,998
Net amount of bank notes retired in May............ ....................................
1,863,272
Amount on deposit to redeem national bank notes Juno 1 1911----- $34,812,726

STOCK OF MONEY IN THE COUNTRY.— The following
table shows the general stock of money in the country as well
as the holdings by the Treasury, and the amount in circula­
tion, on the dates given. T h e statem ent f o r J u n e 1 1910 w ill
be f o u n d in our iss u e o f J u n e 11 1910, page 1534.
Stock o f Money June 1 1911.
In United
Held in
States.
Treasury, d
$
$
Gold coin and bullion... *1,753,448,215 169,425,194
Gold certificates.a............
953 040
Standard silver dollars... 564.'991,508* 23’,71l!l49
Silver certificates.a..........
^
5 848 232
Subsidiary silver............. 5159,20^448 21,388,’360
Treasury notes of 1890...
3,286,000
10,194
United States notes..........
346,681,016 11,664,414
National bank notes........
728,478,011 30,964,360

—Money in Circulation—
June 1
j une 1
1911.
1910.
$
$
600,86-1.352 594.954,808
946.200,029 802,852,659
72,844,359
72,432.774
462,587,768 481,203,911
137,813,088
143,386,109
3,275.800
3,700,203
335,010,602 339,845,503
697,513,651
682,869,780

T o ta l_____ _____
.................. 3,556,086.198 299,969,943 3,250.116.255 3,121 305 747
perPr Paa,0nS3°l 70° U< K £ e‘ ? Jun° 1 19U’ 8St,Mate<1 ftt 93’84‘ ’°00; Or'cuIaUon
* A revised estimate by the Director of the Mint of the stock of gold coin was
adopted In the statement for Aug. 1 1907. There was a reduction of $135,000 000.
a I-or redemption of outstanding certlflcatcs an exact equivalent In amount of the
appropriate kinds of money Is held In the Treasury, and Is not Included In the ac­
count of money held as assets of the Government.
b A revised estimate by the Director of the Mint of the stock of subsidiary silver
$9 700 O0oad° PtCd " t lG s,atcment of Sept- 1 1910. There was a reduction of
d This statement of money held In the Treasury as assets of the Government does
not lnelnde deposits of public money In National Bank Depositaries to the credit of
the Treasm-rr of the United States, amounting to $38,140,908 10
Note.— The figures representing the population of the United States during the
past ten years have been estimated upon the basis of the Census of 1900. The
figures for this statement are estimated upon the basis of the Census of 1910, repre­

GOVERNMENT REVENUE AND EXPEN DITU RES.—
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
May. From previous returns we obtain the figures for
previous months, and in that manner complete the statement
for the eleven monthsjof the fiscal years 1910-11 and 1909-10. senting the population of continental United States




Apr.

S
S ! 8
S
S
s
$
S
30,108 23,659 24,073 289,488 33,723 27.279 23,011 305.125
24,117 22,777 21,856 261,824 22.343 21,830 21,703 242,413
584
388;
895
8,241
697
489
3,656 4,268 t14,408 54,830 4,080 4,045 6,405 44,159

::* :

,:^The destination of these exports for the week and since
July 1 1910 is aS below:

Exports.

Mch.

Bonds,

1,418,676 935.G40 1,455,011
7,525
27,740,20442,005,531 22,255,311 2407,632
1,089,505 550,373 1,419.501
88,912
30,999,01020,403,099 19,811 354 1700 873

Corn, Flour,
bush.
bbls.
323,010 106,755
42,926
4,268
32.000
8,948 33,476
146,000 14,100
857
4,210
12,750
3,503
525,000 46.000
2,500

1910-11.

(000.S omitted.)

65,000

on*tSSugPh bins oMadlngde en>la passIng t,lrou« h New Orleans for foreign ports

Wheat,
Exports from —
bush.
New York 57,488
B oston....... 121,534
Philadelphia_ 136.000
Baltimore__ 345,001
New Orleans
.
16,000
Newport New3a¥%- ______
Galveston............
__
Mobile........ .........................
Montreal..... 72*6,000
Norfolk.................................

GOVERNMENT RECEIPTS AND DISBURSEMENTS

Bye.

bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. rushASlbs.
100,905
280,800 3,759,156 2,918,400
219,000
50,720
114,690
249,530
472,000,
89,700
16,320
561,752
106,459
140,188
235
______
1,112,100
310,770
291,000
78,000
______
48,000
114,300
115,500
Detroit
4,345
20,000
30,305
53,364'
Cleveland . .
600
9,940
39,461
70,420
St. Louis...
38,740
135,620
600,050
288,350
P eoria ____
31,000
8,000
229,396
144,000
14,000
Kansas City
214,800
582,000
113,900i
Chlcago__
Milwaukee.
Duluth____

Total wk. ’ l l
Same wk. ’ 10
Same wk. ’0!)

[VO L. LXXXXIJ

Auction Sales.— Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction
in New York, Boston and Philadelphia.
By Messrs. Adrian H. Muller & Sons, New York:
Per cent Shares.

Per cent.
1 Free Right, N. Y. Society Li­
250 Owl Commercial Co., pref._$3,400
brary, S150............ . ............... $101
400 Continental Baking Powder)
110 The Wm. Cramp & Sous S. & E.
Co., Nashville................ ......... 1
Bldg. Co. voting trust ctfs_____ 10
100 "The Duncan." Nashville— 1 $350
5 Gcrman-Amer. Fire Ins. Co.
100 Tennessee Packing & S. Y. |
Co., pref., Nashville-------------J
(new stock)_______
529
5 N. Y. & Richmond Gas Co----- 45
250 "The Duncan,” Nashville___ )
100 Cummlns-Bennctt Co., com.,|
35 National Park Bank................ 376
Nashville
----------) $300
Bonds.
Per cent.
100 Cummlns-Bennctt Co., pref.j
$4,000 State Line Telephone Co.
100 Italian-Amer. Trust Co---------)
coll. tr. 5s, A. & O_____________ 57
39 Read Timber & Lumber Co.,
Ltd., common-----------------------}■ $900 $87,000 Pennsylvania Coal & Coke
Co. Cons. 1st coll. tr. 5s, 1953;
500 Fidelity Develop. Co., pref.-J
Sept. 1908 coupons attached-----------2
i Standard Coupler Co., p ref..115

Shares.

By Messrs. Francis Hcnshaw & Co., Boston:
S versh.
$ per sh. Shares.
9 State Street Exchange...............80
5 Nat. Shawmut Bank........ ..... 40444
48 Fall River Gas Works........... -310
10 Great Falls Mfg. Co.............. .188
162 East.States RefrIg.Co.,Com.) $5,000
52 Wamsutta Mills..................... 134 45
S120 Common stock scrip........ >for lot
5 Hill Mfg. Co.............. .......... 120
47 Preferred _______________J
6 Cln. Sand. & Cleve. RR..
15 Mass. Bonding & Ins. Co----- 15444
pref., $50 e a c h ................... . 7034

Shares.

By Messrs. R. L. Day & Co., Boston:
Shares.

$

per sh.

12 Webster & Atlas Nat. Bank.. 175
9 Harmony Mills, pref...... ......... I l l
2 Pacific Mills, $1,000 each...3,555

Shares.

S

per sh.

2 Amoskeag Mfg. Co....................32634
1 W. L. Douglas Shoe Co., pref. 90
210 Graton & Knight Mfg. Co. rts. 12

By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.

5 per Sh. Bonds.
Per cent.
S1.000 Philadelphia 3s, 1922 J.&J. 92
10 De Long Hook & Eye Co............. 100
$1,500 Philadelphia 3s, 1923, J.&J - 92
3 Phi la. & Camden Ferry Co.,
$200 Philadelphia 3s, 1916, J.&J- 9534
$50 each........................................ HO
$000 Phila. 4s, 1940, J.&J. 10334-10334
$1,000 No. Sprlngf. Wat. Co. 5s,’28 100
S200 Sprlngf. Water Co. 5s. 1926.100

By Messrs. Barnes & Lofland, Philadelphia:
Per cent.
$persh. Bonds.
51.000 Phila. Gtn. & Chestnut Hill
5 Fourth St. Nat. Bank_______ 301
10 First Nat. Bank, Phila______ 232
1st 434s. 1913............................. 10034
2 Phila. Nat. Bank......................40034 $5,000 Chcs. & Dcla. Canal Co. 1st
1 Girard Nat. Bank........ ............. 35134
4s, 1910.............. ........................- 62
31.000 Del. Ittv. Ferry s. f. 5s, 1921 104
10 Commercial Trust Co_________371
16 Cent. Tr. & Sav. Co., $50 ea.79-7934 82.000 L. S. & M. S. Ity. 4s. 1928. 9434
5 Mutual Trust Co., $50 e a ch ... 4534 53.000 Schuylkill Valley Traction
1st 5s, 1945.......... .........................100
25 Real Estate Tr. Co., pref. .9934-9934
10 Commonwealth T. In. & T r ..24634 31.000 Elmira (N. Y.) Wa. L. &
Rlt. 1st 5s, 1956. ...................... 9134
5 Germantown Trust Co............ 271
310.000 Philadelphia 3 34s, 1934... 9434
25 Phila. Co. Guaranteeing Mtgs.152
2 Fire Assn, of Phila, $50 each..34034 S 1,000 Sprlngfleld Water Co. cons.
...1 0 0
5s, 1926...............
27 Spring Garden Ins. Co., $50 ea. 9034
$1,000 North Sprlngfleld Water Co.
3 Girard Fire & Mar. Ins. C o ...281
1st 5s, 1928.................. - ........... -100
10 Germantown (4th &8th) P.Ry.117
3400 Photographic Society Phila.
13 Frankf. & Southwark (5th &
2d 5s, 1919................ - ................. 75
6th) Pass. Ity.................... 375-37534
32.000 Atlantic City & Shore RR.
3
2d & 3d Sts. Passenger R y . . .25034
2 Rlttcnhouso Tr. Co., $50 each. 5034
1st 5s, 1945.................................... 88
5 Independence Tr. Co., $50 ea. 5034 S500 Casino Co. Spring Lake 1st 6s,
1940.............
40
100 Amer. Nut & Fruit Co............ 10
$5,000 Grand Rapids Hoi. & Lake
11 du Pont Internat. Powd., pref. 53
M. Ry. 5s, 1920.......
82
25 Dc Long Hook & Eye Co 10034-10034
$5,000 Quincy Gas, Elec. & Heat
2 Young, Smyth, Field Co., pref. 90
1st 5s, 1935.................................... 82 J4
13 Standard RollerBear’gCo.,com. 14

Shares.

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
D iv id e n d s annou nced this week are prin ted in italics.
Name of Company.
Railroads (Steam)
Alabama Great Southern, ordinary...........
Preferred ...............................................
Albany & Susquehanna.............. - ...........
Allegheny A Western, guaranteed.............
Ashland Coal & Iron Ry. (quar.).......... .
Ateh. Topeka & Santa Fe, pref................
Atlantic Coast Line RR., common..........
Boston & Albany (quar.)..........................
Boston & Lowell............ - ................. .......
Boston & Maine, common (quar.)..........
Boston A; Providence, (guar.).......... ...........
Boston Revere Beach & Lynn..................
Canada Southern......................................
Canadian Pacific, com (quar.) (No. 60).
Carthage Watertown & Sackets Harbor..
Central RR. o f New Jersey (quar.)............
E xtra ........ ................ .......... ..............
Chesapeake & Ohio (quar.)____________
Chicago Burlington & Quincy (quar.)......
Chicago & Eastern Illinois, pref. (quar.).
Chic. Indianapolis & Louisville, c o m ....
Preferred ........ ............... .....................
Chicago & North Western, com. (quar.)
Preferred (quar.)___________________
Chic. Rock laid. & Pacific liy. (quar.)__
Connecting Railway.....................................

Per
Cent.
244
3
4 44
3
1
244
3
244
4
1
244
3
144
245
244
2
2
14*
2
144
144
2
144
2
144
2
244
244
3
245
244
144
3
3
3 44
45

Delaware & Hudson Co. (quar.) ............
Delaware River RIl. A Bridge. _________
Detroit & Mackinac, com m on .............. .
Preferred _______________
Fonda Johnstown A Olovcrsv., pref. (guar.)
Georgia Railroad A Banking (quar.)
Greene R R -------- ----------- -----------------Ilarrlsb. Portsmouth Mt. J. A iMncaster
Extra - ..........................- ................... .....
llocklng Valley, common---------- ----------2
Illinois Central, Leased Line., guar............
2
Interborough Rapid Transit (quar.)----244
Joliet A Chicago, guar. (guar.).................
144
Kanawha & Michigan (No. 1)..................
4
Lake Shore & Michigan Southern.. . . . . .
6
Guar, stock (Mich. So. & No. In d .)..
0
Little Schuylkill Nav. RR. & Coal.......... $1.25
Louisville A Nashville........ - .....................
3 45
Mahoning CqiiI RIl., common.............. —
$5
Preferred .......... .....................................
244
2
Maine Central (qnar.)_________________
Manhattan Ry.. guar, (quar.) (No. 109).
144
3
Michigan Central.......................................
3 44
Morris * Essex, guaranteed____________
New York Central & Hud. River (quar.:
144
N . Y. Chicago A St. Louts, Isf A 2d pref.
2 44
5
New York & Harlem, com. & pref_____
New York Lackawanna & Western..........
144
*2
N. Y. N. U. & Hartford (quar.)_______
Part paid stock, Issue of Doc. 20 1909.. SI 44




1615

THE CHRONICLE

June 17 1911.]

When
Payable.
Juno
Aug.
July
Inly
June
Aug.
July
June
July
July
July
July
Aug.
June
Juno
Aug.
Juno
Juno
July
[July
June
June
July
July
June
June
Aug.
Juno
June
July
July
June
July
June
July
July
July
July
July
July
June
July
Aug.
July
Aug.
Aug.
July
July
July
July
July
July
Sept.
July
July
Juno
June

Books Closed.
Days Inclusive,

27 Holders of rec. May27a
28 Holders of rec. July22a
) June 16 to Juno 30
1 Holders of reo. June22a
20 Holders of rec. Junel6a
i Holders of rcc, June30a
10 June 22 to July 10
30 Holders of rcc, May31a
3 May 29 to June 3
1 Holders of rec. June la
1 Holders of rcc. Junc20a
1 Holders of rec. JunclSa
1 Holders of rec. Junc30a
30 Holders of rec. June la
30 Holders of rec. Junc23a
1 Holders of rec. July20a
26 Holders of rec. Junel5a
30 Holders of rec. June 9a
1 June 27 to July 4
1 Holders of rcc. Junel7a
28 Holders of rcc. Junclla
28 Holders of rcc. Junel4a
1 Holders or rec. June 2a
1 Holders of rec. June 2a
30 Holders of rec. Juncl6a
30 Holders of rcc. Junc20a
1
20 Holders of rec. M.ay27a
24 Holders of rce. June 13
1 June 16 to July 2
1 June 16 to July 2
15 Holders of rcc. June 10a
10 July 2 to July 14
20 Holders of rcc. Juncl4a
10 Holders of rcc. June 20
10 Holders of rec. June 20
17 Holders of rec. Juno30a
1 June 13 to July 4
1 Holders of rcc. June2-la
3 Holders of rec. Junc24a
30 Holders of rec. June 20
29 Holders of rec. June30a
Id Holders of reo. June30a
15 Juno 11 to July 14
K July 21
to Aug. 10
i Holders of rec. Julyl5a
i Holders of rec. June20a
i Holders of reo. June!6a
i Holders of rec. JunclSa
21 Holders of rec. Juno30u
1 Holders of rec. JunelOa
15 Holders of rec. June20a
] Holders of rec. Aug. la
1 Holders of rec. JunclSa
1 Holders of rcc. JunclSa
31 Holders of rec. Junel5/i
31 Holders of rec. Junet5<j

Name of Company.

When
Payable.

Per
Cent.

Books Closed.
Days Inclusive.

Railroads (Steam) Concluded.

Norfolk A Southern (quar.)........................
Norfolk & Western, common (quar.)___
Northern Central................ ....... .................
Northern RR. o f N . H. (quar.) ..................
Norwich A Worcester, pref. (quar.)..........
Old Colony (quar.).................. ...................
Philadelphia Baltimore A Washington----PIttsb. Ft. W. & Chic., reg. guar, (quar.)
Special guaranteed (quar.)....................
Rensselaer & Saratoga----------------- ------St. Louis & San Francisco—
Chicago & East. IU. com. tr. certfs___
Preferred trust cerfts. (quar.)..........
K. C. Ft. S. & M. pf. tr. ctfs. (quar.)..
St. Louis Southwestern, preferred___
Southern Pacific Co. (quar.) (No. 19)
Southwestern RR. o f Georgia------- --------Toledo St. Louis & Western, pref. (quar.)
Union Pacific, common (quar.)----United N. J. RR. & Can. Cos., guar (qu.)
Valley RIt. (N. Y.), guar..........................
Worcester Nashua it Rochester..........
Street and Electric Railways.

44
144
4
144
2
04
2
144
144
4

July
lune
July
July
July
July
June
July
July
July

1H
19 H
15 H
1H
1 Ji
1 II
30 11
5 J*
1 Jl
1 Jl

5
144
1
2
144
244
1
244
244
244
3

July
July
July
July
July
July
July
July
July
July
July

1 Jl
1 Ji
1 Jl
15 H
1 II
5 Jl
15 H
1H
10 Jl
1 11
1-

to

June 3(J
July 5
July 2
June 30t
July
July
July

2
2
2

to

July

6

to

June 30

t» July 2
1 Jl
July
to July 2
1 Jl
July
1 II
July
to July 4
5 Jl
July
1H
July
June 30 H
to June 30
1I
July
f rec, Junel5d
1 11
July
to June IT
30
J
June
Chicago City Ry. (quar.)....................
to June 30
1J
July
Clnctn. & Hamilton Trac., com. (qu.).
to June 30
1J
Preferred (quar.)............. .......................
July
to June 30
1J
July
Cincinnati Street Ry. (quar.)__________
1I
Cleveland Ry. (quar.)............ .............
July
1t
July
Continental Passenger R y., Phlla.
$3 June 30 1
11
Duluth-Superlor Tract., common 0
144 July
I 1
Preferred (quar.).........................
i
July
84 50 July
1I
July 4
5J
1.31*4 July
July 3
3J
July
3
June 30
1J
July
. SI
June 30
1J
$1 50 July
Preferred
June 30
)
144 June 30 J
June 30
June 30 J
3
Preferred...........................................
1
1.
July
Illinois Traction, pref. (quar. ) . . .
to July 2
1J
July
3
Indianapolis Street R y ................
5 1
July
3
Interstate Rys., preferred (No U
11
)
145 July
to June 15
1J
July
l
Louisville Traction, common (quar.)____ .
1I
July
144
11
.
$2 July
1I
New York State Rys., com. (quar.)
144 July
1
Preferred (quar.)_______________
144 July
July 1
11
Philadelphia Company, com. (quar.).
.
145 Aug.
June 30
1
July
Railways Company General (extra)___
.
5
June 30
1J
Reading Traction______________________
145 July
1I
)
144 July
3I
244 July
Seattle Electric Co., com. (quar.).
144 July 15 I
June 5
1
) $3 July
June 30
)
% Juno 30 ,
June 30
July
1.
)
1
1
Syracuse Rapid Transit, pref. (quar.)___ - 144 July
15
July
Texas Traction, pref. (quar.)____
144
3
Toronto Ry. (quar.)............ ........
144 July
1
Tri-City Ry. A Light, pref. (quar.)
.
144 July
1
)
144 July
1
Preferred (quar.).................................... .. - 144 July
1
Union Passenger Ry., Philadelphia__
. $4.75 July
1
Union Ry., Gas A Elec., pref. (quar.). 145 July
1
Union Traction, Philadelphia............
. S1.50 July
1
Union Utilities Co., common (quar.).. 44 July
1
United Power it Transportation_______ . 51.1(1 July
to June 18
July
1.
)
144
Virginia Ry. & Power, preferred.......... 244 July 10
July
West End St. Ry., Boston, p r e f ........... - $2
1
July
July
3
West ItuliaElec. Co., Ltd. (No. 14)........ 144 July
1
July
West Philadelphia PassengerRy.......... . $5
July 15
Wheeling Traction (quar.)____________
to July 1
1
July
Winnipeg Electric Ry. (quar.).............. .
3
Banks;
1
Chase National........................................
July
1
July
Chelsea Exchange (quar.)...... ................. .
2
1
Coal it Iron National (quar.)............... 144 July
1
Colonial (quar.)________________ _____ 244 July
June 1
1
July
Irving National Exchange (quar.)______ .
2
July 2
1 June 25
Mercantile National (quar.).................. 144 July
June 30
*>
Metropolitan (quar.)................................
1 June 18
July
June 30
Montauk, Brooklyn...............................
2
1
July
Mount Morris (quar.)__ ____________ .
1
July
3
June 30
Mutual _____________ ______ ________
1
July
July 1
New York County National (No. 118). - 20
1
July
2 • July 1 1 Holders of rec. June30a
People's National, Brooklyn..................
0 to June 30
1
State .................................... ..................
July
1 to June 30
Union Exchange.................. .................. .
June
4
6 to July 2
, 1
IFcsf Side.................................................
Trust Companies.
Columbia (quar.).................................... - 3
June 30 Holders of rec. Junc26a
Fidelity ...................................................
1 May 24 to May 28
July
Franklin, Brooklyn................ ................
June ' 30 Holders of rce. June 29
Eulton (No. 38)........................................
1 Holders of rcc. June 19
July
Guaranty (quar.).....................................
June 30 Holders of rec. June30a
4 to June 30
Knickerbocker (quar.)..............................
June 30
6 to ' July 2
1
July
D 3
1 Holders of rcc. Junel7n
July
.) 3
Manhattan'
July . 1 Holders of rec. June 7a
..
6
!9 to July i 2
1
July
-5
Mutual Alliance (quar.).............................
1 June 25 to June 30
145 July
Holders
of rec. June29a
Mutual of Westchester County (quar.). -June
30
144
United States........ ............................... -- 25
1 June 20 to June 30
July
244
144
144
144
144
244
144
144
244
44
144
144
144

Amer. Cities Ry. it Light, com. (No. 5 ) ..
Preferred (quar.) (No. 20)____ j
Bangor Ry. A Electric (quar.)........
Brazil Ry., pref. (quar.)..................
Brooklyn Rapid Transit (quar.)..
Brooklyn Union Elevated ItR., pr

Miscellaneous.

American Can. pref. (quar.).
Preferred (quar.) (No. 49)______

American Caramel, pref. (quar.)_____
American Chicle, common (monthly).
American Cigar, preferred........ .......
American Express (quar.)................

Amer. Gas <t Electric, com. (quar.)___
Preferred (quar.)................. ..................
American Locomotive, pref. (quar.).
American Manufacturing (quar.)...
Amer. Pipe & Construction (quar.).

•)
8)
•)
-5)
-----■)
----

-1)
Preferred (quar.) (No. 48)___
American Snuff, com. (quar.).-Comtnon (extra)------------------ Preferred (quar.).................... .
Am. Sugar Refg., com. & pref. (quar.).- American Surety (quar.) (No. 88).
-American Tobacco, pref. (q u a r.)...
--

144
144
144
144
45
04
2
1
3
S3
144
144
144
144
144
04
2
1
1

1

June
July
June
July
July
July
July
June
July
July
July
Aug.
July
July
July
July
July
June
July
July

1
144 July
3
144 July

30 Holders of rec. June 26
1 Holders of rec. June20a
30 Holders of rcc. June23a
1 Holders of rcc. JunelPa
1 Holders of rcc. June 9a
1 Holders of roc. June 9a
1
20 Holders of-rec. Junel4a
1 Holders of rec. Junel5a
1 Holders of rcc. May31a
July 2
1 June 23 to
1 July 21 to Aug. 1
1 Holders of rec. Junc20a
July 23
21 July 6 to
1 Holdrrs of rec. June 16
July 2
1 June 25 to
1 Holders of rec. Junel5a
June 30
30 June 22 to
July 2
15 June 24 to
1 June 10 to June IS
1 Holders of rec. JunclSa
1 Holders of rec. Junel5a
1 Holders of rec. JunclSa
3 Holders of rec. June la
July ’ 2
30 June 16 to
i Holders of rec. June 12a

1616

THE CHRONICLE
Per

Name o f Company.

Cent.

When
Payabl e.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
July 15 Holders of rec. July 10a
July 15 Holders of rec. July 10a
July 15 Juno 24 to July
6
Hell Telep. o f Missouri (.guar.)..........
July
1 June 26 to June 30
Brooklyn Union Gas (quar.)_______ July
1 June 18 to June 30
I X
Buffalo Gen. Elec, (quar.) (No. 67) _ -1 y . Juno 30 Holders of rec. June 20
Butte El. & P.. com. (quar.) (No. 27).- July
1 Holders of rec. June20a
I X
Calumet & Hocla Mining (quar.).
- 36
June 28 Holders of rec. June 8a
July
1 June 15 to June 30
I X
July 10 July 1 to July 9
I X
E xtra ................................................. 3)
July 10 July 1 to July 9
Celluloid Company (quar.).I I IIIII" July
1 Holders of rec. Junel4a
I X
.Central Coal A Coke, common (guar.). July 15 July 1 to July 15
i x
Preferred (guar.)................................
July 1 to July 15
Central Leather, pret. (quar.)_______ July
1 Holders of rec. JunelOa
i x
July
1 Holders of roc. June 12a
> 2
Preferred (quar.)......................
July
1 Holders of rec. Junel2a
Chicago Telephone (quar.)..........
June 28 to June 30
Cincinnati Gas A Electric (guar.) .
July
1 June 15 to June 21
i x
City Investing, preferred (guar,)..
July
1 Holders of rec. June 24
i x
July
1 Holders of rec. Junel5a
I X
July
1 Holders of rec. Junel5a
•)
i x
Preferred (guar.)...........
July
1 Holders of rec. Junel5a
i x
Consolidated Car Healing.
2e
July 15
E xtra .................. .........
July 15
July
1 Holders of rec. June 20
•> i x
Consumers' Power, pref. (guar.)..
July
i Holders of rec. Junel9a
i x
Gruclb'.e Steel, pref. (quar.) (No. 3 1 ) ... June 30 Holders of rec. June 20a
i x
Cuban-American Sugar, prof, (quar.). July
1 Holders of rec. JunelSa
i x
July
1 Holders of rec. Juno 19
2
Detroit Edison (quar.).
July 15 Holders of rec. July la
I X
July
1 Holders of rec. June20a
I X
July
1 Holders of rec. June20a
■
I X
July 25 July 16 to July 25
)
i x
Eastern Light A Fuel (g u a r.)------2
June 30 Holders of rec. Juno 20
Eastman Kodak, common (quar.)July
1 Holders of rec. May 3 la
2 X
Common (extra)---------------------July
1 Holders of rcc. May 31a
5
Preferred (quar.).................. .......
July
I Holders of rcc. May 3 la
I X
2
June 30 Holders of rcc. June30a
Preferred (guar.)............................
1 Holders of rcc. July 27a
i x Aug.
Empire Sleet A Iron. pref. (No. 25).
July
1 Juno 21 to July 2
1
fuly
J Holders of rcc. June21a
-.
I X
1 Holders of rec. June 21
)
i x July
July 15 Holders of rec. May3la
General Elcctrio (quar.).
2
- 30c. July 31 Holders of rcc. June30a
Extra
- 20c. July 31 Holders of rcc. June30a
Guggenheim Exploration (quar.) (No. 34))
1 June 15 to July 2
July
2 X
Great Lakes Towing, pref. (guar.)..............1 Holders of rcc. June 15
July
I X
1 Holders of rcc. June 25
( / ) July
Ilomestake Mining (mihly) (No. 439)___- 50c. June 20 June 21 to
............
Ingersoll-Rand, preferred_______
July
1 Holders of rcc. Junel4a
3
Aug.
1
)
1
_ 2 to July 31
Preferred (quar.).................. ..
June 30 June 21 to June 30
I X
Internat. Harvester, com. (qu.) (No. 6) i x July 15 Holders of rec. June24a
International Silver, pref. (quar.).
1
7 to July 2
i x July
Preferred (extra)........................ .
July
1 June 17 to July 2
X
July
1 Holders of rec. June20a
>
X
La Belle Iron Works (quar.)..........
Juno 30 lune 23 to June 30
Lanston Monotype Machine (quar.)
i x June 3U
Lawyers’ Mortgage (guar.) (No. 3 9 )..
July
1
- 3
Lehigh A Wilkes-Barre Coal................
- S3 25 June 23
Louisville Gas......................................
30
July
1
I X
Preferred (quar.) (No. 30).
July
1
1
Aug.
)
1
1
July 15
I X
May Department Stores, pref. (quar.). 1
i x July
Mergenthalcr Linotype (quar.)_____
June 30
2 X
Extra.................................................
June 30
X
Michigan Light, pref. (guar.).............. July
1
I X
Michigan State Telephone, pref., (qu
1
to
Aug. 1
> I X Aug.
Mortgage-Bond (quar.)____ _________
June 30
I X
National Biscuit, com. (qu.) (No. 51
July 15
I X
1.
July 2
> I X July
June 30 .
June 14
X
June 30 .
July 2
I X
National Sugar, pref. (quar.).
July
3 1
June 20
I X
National Surety (quar.)___
July
July 2
3
1.
37HC. Juno 3 0 .
June 20
Niagara Falls Power (quar.)____ ______
July 15 1
2
Nlles-Bement-Pond, com. (quar.)______
June 20;
to June 20
I X
North American Co. (auar.)-----------------July
11
I X
Otis Elevator, common (guar.)..................
l
July 15 1
Preferred (quar.)-----------------------------July 15 1
I X
Pacific Telep.
Teleg., pref. (g u a r.)__
July 15 :
1 to July 15
I X
Phelps, Dodge & Co.. Inc. (quar.)____
214 Juno 29 1
Pittsburgh Plate Glass, com. (quar.)........
July
1
I X
Quaker Oats, common (q u a r.)..............
July 15 1
2 X
Preferred (quar.).____ _______ _____
Aug. 31 1
I X
Quincy Mining (quar.)........... ....... ",____
June 19 1
June 7
SI
Hallway Steel-Spring, pref. (quar.).........
June 20
i x June 20.:
Realty Associates____________________
July 15 1
3
July 5
July
1I
I X
Royal Baking Powder, com. (quar.).
3
lune 30 I
Preferred (quar.)__ _____ ________
lune 30 1
I X
Safety Car Heating & Ltg. (quar.)__
2
luly
1I
St. Joseph Stock Yards (quar.)______
1>S
30
Sears. Roebuck & Co., pref. (ou a r.)..
July
11
I X
Sccuritles Company..............................
luly 15 r
1 to July 16
2 X
1r
i x July
1
July
11
Preferred (q u a r.)______________
2
July
11
Standard Coupler, com m on.............
2
June 30 1
June 30
Preferred ........................................
4
June 30 J
June 30
Standard Gas Light, N . Y ., common.
fune 30 I
2
Preferred .........................................
3
June 30 I
1I
July
3
Subway Realty (quar.)......................
1I
luly
I X
Sulzberger & Sons Co., pref. (quar.).
to June 30
July
1J
I X
Swift & Co. (quar.) (No. 09)............
July
3 I
I X
Texas Company (quar.)....................
June 30 I
2 X
Texas A Pacific Coal (quar.)..............
to June 30
June 30 .1
ix
Torringlon Co., preferred............ .......
11
July
3 X
1I
1
July
Preferred (quar.).
July
1I
I X
July 15 I
Union Carbide (guar.)________________ _
2
July
1.
Union Gas A Elec., Cine., pref. (annual).
June 30
ruly
1J
6
United Gas A Elec, o f N . J ., pref_______
July 14
luly 15 J
2 X
United Bank Note Corp., pref. (quar.)..
July 2
Tuly
1J
I X
United Cigar,Stores, Corp. of (quar.)___
July 16
ruly 15 .1
ix
Extra _____________________________
July 16
ruly 15 J
X
United Fruit (quar.) (No. 48)1” ” ” ” '
2
ruly 15 1
United Gas Improvement (gu a r.)... ” ” 1 2
ruly 15 I
U. S. Finishing, com. (qu.) (No. 10)__ I
illy
1
1I
Preferred (guar.) (No. 48)........ ....... “ ”
uly
1I
I X
U. S. Printing o f Ohio, pref. (quar.) ” ' I X
July 2
ruly
1J
U. 8. Steel Corp., com.(quar.)(No. 3 0 )..
June 12
une 29 J
I X
Utah Copper Co. (quar.) (No. 12)_____
June 20
75c.
une 30 .1
Va.-Caro. Chemical, pref. (quar.) (No. 63) 2
July 19
. uly 15 J
Western Electric (guar.)........................ .....
2
, une 30 J
June 30
Western Union Teleg. (quar.) (No. 169)..
X
•uly 15 F
Westlnghouse EL & Mfg., pref. (q u a r.)..
ruly 15 F
I X
Woman’8 Hotel Co. (No. 8 )____________
une 15 F
[ rcc. June 1
2 X
Yukon Gold Co. (quar.) (No. 8)..............
2
fune 30 J
to June 30
Preferred (quar.).

.)

->-

1

I X
I X

a Transfer books not closed. 5 Less Income tax. d Correction,
payable 2% July 15 1911 and 2% Jan. 15 1912.
At rate of 7% per annum for period from May 25 to July 1.




e Declared 4% ,

[V O L . L X X X X I I .

Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending
June 10. The figures for the separate banks are the averages
of the daily results. In the case of the totals, the actual
figures at the end of the week are also given.
For definitions and rules under which the various items
are made up, see “ Chronicle,” V. 85, p. 836.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.

Capital.

Surplus.

Loans.
Average.

Specie. Legtils. Deposits.
Average. Average. Average.

8
<
%
Bank of N. Y
2,000,0 3.638.6 21.380.0
Manhattan Co.
2.050.0 4,402,1 33.400.0
Merchants’ ___
2,000,0
1.900.5 21.343.0
Mech. & Metals 6,000.0 8.146.7 55.025.8
America
1.500.0 6.012.4 26.377.3
City ................ 25.000. 34.131.8
0
179,060,3
Chemical..........
3.000.
0
6.586.7
30.563.0
Merchants’ E x.
600,0
567,2
7.202.2
Gallatin1.000.
0
2.534.0
8.695.7
Butch. & Drov.
300.0
158.0
2.229.8
Greenwich .
500.0
856.9
8.035.6
Am. Exchange.
5.000.
0
4.496.6
43.327.9
Commerce—
25.000. 17.005.8
0
148.693.8
Mercantile___
3.000.
0
2.713.1
14.797.6
Pacific .
500.0
932.1
4.063.0
Chat’ m&Ph’nlx 2.250.0
1.074.1
15.024.7
People’ s
200.0
467.5
1.693.4
Hanover
3.000. 12,360,3
0
72.124.4
Citizens’ Cent..
2.550.0
1.803.5 22,962,2
Nassau .
500.0
532.6
9.032.7
Market & Fult’n 1.000. 0 1.775.0
8.835.4
Metropolitan . .
2,000,0
1.544.6
10.424.7
Corn Exchange 3.000.
0
5.438.7
49.454.0
Imp. & Traders’
1.500.0 7.624.6 26.630.0
P a rk ___
5.000. 12.728.2
0
83.941.0
East River___
250.0
98,8
1.501.2
F ou rth _______
5.000.
0
5.683.3
36.241.0
S econ d_______
1.000.0 2.196.9
13.858.0
First ................ 10.000. 20.738.3
0
123.896.9
Irving E x ch ..
2,000,0
1.850.9 24.363.5
Bowery ____
250.0
800.5
3.391.0
N. Y. County.
500.0
1.666.5
8.027.5
German -Amer.
750.0
689.0
4.128.4
Chase___
5.000.
0
8.382.9
78.519.0
Fifth Avenue. .
100.0 2.183.1
12.677.6
German Exch.
200.0
883.4
3.650.7
Germania . . . .
200,0
1.034.7
5.669.6
Lincoln ______
1.000.
0
13.788.7
1.598.5
Garfield..........
1,000,0
1.238.8
8.772.9
Fifth ............ .
523.4
250.0
3.450.1
Metropolis___
1,000,0 2.124.4
13.610.1
West Side____
200.0
1.027.8
4.312.0
Seaboard_____
1,000,0 2.025.1
22.169.0
Liberty _______
1,000,0 2.744.3 20.323.8
N. Y. Prod. Ex.
1,000,0
783.9
8.625.3
State _________
1,000,0
850.7
15.698.0
14th Street___
1,000,0
310.6
5.393.5
Coal & I r o n __
421.1
1,000,0
6.505.0
Union Exch__
1,000,0
9.523.2
945.9

S
4.344.0
8.826.0
4.403.0
11.157.7
4.635.4
52.625.7
5.844.4
1,741,6
1.434.4
602.5
2.103.4
8.381.5
35.464.4
1.991.1
610.3
2.356.2
474.6
17,003,6
5.730.8
994,5
1.595.0
2.405.2
9.701.0
4.235.0
21.561.0
320.4
8.401.0
3.671.0
34.495.5
4.903.8
866,0
1.450.9
810.5
17.645.0
2.560.4
320.8
1.247.3
4.036.3
1.830.6
635.9
1,647,2
1.119.0
4.995.0
4.035.5
2,489,8
4.759.0
1.125.5
979.0
941.1

Res've.

$
8
%
953.0
19,721, 20.8
1.522.0 38,700 26.7
1.319.0 22,129, 25.8
1.517.0 52,600 24.0
2,072,3
26,571 25.2
6.666.0 181,365, 32.7
1,616,9 28,859, 26.0
93.0
7.416 24.7
451.6
7,038 26.7
76,5
2,491 27.2
225.0
9,169 25.3
3.862.0 44,804 27.4
8,885,8 140,600 31.6
1.005.0
11,737 25.5
395.7
3,593 27.9
1.360.7
15,150 24.0
149.3
2,261 27.6
4,066,2
81,900 26.7
325.7 22,785 26.6
1.603.5
10,474 24.7
759.8
8,773 26.8
248.9
10,344 25.6
5.303.0 59,269 25.3
1.723.0 23,982 24.8
1.317.0 88,002 20.0
108.4
1,707 25.1
2.810.0 40,584 27.6
118.0
14,192 26.7
2,082,1 126,420 28.9
2.036.7
20,542 20.1
60.0
3,578 25.8
725.4
8,242 20.8
202.3
3,977 25.4
6.192.0 87,454 27.2
1.029.6
14,087 25.4
580.5
3.592 25.0
6,721 26.0
503.5
935.5
15,624 31.8
419.3
8,858 25.4
355.6
3,689 26.8
1.884.7
14,121 25.0
235.0
5,183 26.1
1.963.0 26,202 26.5
1,415,6 21,544 25.3
347.6
10,488 27.0
340.0 20,298 25.1
623,2j
6,803 25.7
863,0,
6,961 26.4
1.565.0
9,714 25.8

Totals, Average 134,150.0 200,234,4 1352,413,5 315,508.8 74,913,9 1400,330,0 27.7
Actual figures June 10.

..............1357,801,4

317,314,0^5,713,3 1412,965,8 27.8

On the basis of averages, circulation amounted to 845,490,800 and United States
deposits (Included In deposits) to 81,572,000; actual figures June 10, circulation,
345.490,700; United States deposits. $1,579,300.

The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items are
made up, see “ Chronicle,” V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended June 10.

Capital as of Feb. 28___
Surplus as of Feb. 28___
Loans and Investments..
Change from last week.

Trust Cos.
State Banks
State Banks
Trust Cos.
in
outside of
in
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N . Y,
$
23,975,000

$
63,206,000

38,886.100

175,811,500

11,274,643

11,328,963

291.254.000 1,132,312,200
+ 942,200
—268.400

95.944,900
+313,400

149,766,700
+ 516,100

102,625,600
+ 92.100

159.634,400
+ 901,400

Change from last week.

61,448,400
+ 1,721,400

117,949,100
—990,400

Legal-tenders <fc bk. notes
Change from last week.

23,571,700
+246,400

11,568,200
— 108,500

$
9,528.000

$
9,525.000

Deposits ---------------------Change from last week.

349,279,900 1,234,943,800
+2.972,700 —6,432,500

Reserve on deposits........
Change from last week.

102,766,700
+ 1,537.900

138,114,100
— 1,274,400

22,378,800
+ 117,800

25,031,300
+460,200

P. C. reserve to deposits..
Percentage last week..

29.6%
29.0%

16.6%
16.2%

22.7%
22.7%

16.3%
16.1%

+ Increase over last week. — Decrease from last week.
Note.— ’’Surplus" Includes all undivided profits. "Reserve on deposits” Includes;
for both trust companies and State banks, not only cash Items but amounts due
from reserve agents. Trust companies In New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to loca­
tion as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds of tho
State of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount of deposits
exclusive of time deposits not payable within thirty days, represented by certificates
(according to the amendment of 1910) and exclusive of deposits secured by bonds
of the State of New York.
— Trust Cos.—
—State Banks—
Reserve Required far Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve
which Reserve
which
Locatitm—
Required in Cash.Required, in Cash.
Manhattan Borough................................................ 15%
15%
26%
15%
Brooklyn Borough (without branches In Manhat.) 15%
10%
20%
10%
Other Boroughs (without branches In Manhattan) 15%
10%
15%
7X%
Brooklyn Borough, with branches In Manhattan.. 15%
16%
20%
20%
Other Boroughs with branches In Manhattan___ 15%
15%
15%
16%
Elsewhere In State_____ ____________
10%
6%
15%
6%

JUNB

1617

THE CHRONICLE

17 1911.]

Boston and Philadelphia Banks.— Below is a summary of
The Banking Department also undertakes to present
■eparate figures indicating the totals for the State banks and the weekly totals of the Clearing-House banks of Boston
,
trust companies in the Greater New York, not in the C learin g and Philadelphia.
We omit two ciphers (00) fn all these figures.
B ou se.
These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing­
Capital
Specie. Legals. Deposits, a Circu­ Clearings.
and
Banks.
House banks. In addition, we have combined each cor­
lation.
Surplus.
responding item in the two statements, thus affording an
$
%
i
%
S
Boston.
$
aggregate for the whole of the banks and trust companies in May 20.. 41.350.0 217.526.0 26,573.0 3.272.0 269,77 ,0 6.963.0 153.583.1
May 27.. 41.350.0 217.771.0 26,113,0 3.624.0 266.993.0 7.116.0 145.275.1
the Greater New York.
June 3 .. 41.350.0 218.728.0 25.382.0 3.466.0 270.600.0 7.118.0 147,950,7
June 10..

NEW YORK CITY BANKS AND TRUST COMPANIES.
Total o f all
Clear .-House Clear .-House State Banks A
Trust Cos. not BanksA Trust
Banks.
Iianks.
in C.-H. Aver. Cos. Average.
Average.
AclualFioures

Week ended June 10.

fNat. banka
Capital i March 7—
(State banks
Surplus ( Feb. 28—

134.150,000
200.234.400

$
134.150.000

$
71.731.000

$
205,881,000

200,234.400

184,355,200

384,589,600

Loans and Investments
Chango from last week

1,352,413.500 1,212,962,000 2,565,375,500
+ 7,223,400
+ 6,789,800
+433,600

D eposits------- ----------Change from last week

1,406,330,000 ol,172.457,000 2.578,787,000
+8,585.000
— 1,917,600
+ 10,502,600

S p e cie ....................
Change from last week

315,508.800
+4,288.600

123,696,200
— 1,025,100

439,205,000
+3,263,500

Legal-tenders-------Chango from last week

74,913,900
—72,100

619,397,400
+228,300

94,311,300
+ 156,200

Aggr’ te money holdings
Change from last week

390,422,700
+ 4,210,500

cl43,093,C00
—796,800

533,516,300
+3,419,700

27.733.000
— 100,400

27,733,900
— 160,400

170,827,500
—957,200

561.250,200
+3,259,300

Money on deposit with
other bks. & trust cos.
Change from last week
390,422,700
+ 4,216,500

Total reserve........ —
Chango from last week
Percentage to deposits
requiring reserve----Percentage last week..
m
Surplus reserve___

18.3%
17.9%

27.84%
27.01%

27.79%
27.69%

39.785.850)

38,840,200

1 ..................
N »+ Increase over last week. — Decrease from last week.
These arc the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies In New York City” ; with this Item Included,
deposits amounted to 31,338.807.700. a decrease of S5.388.600 from last week. In
thelcasc of the Clearing-House banks, the deposits arc net both for the average
and the actual figures. 6 Includes bank notes, c Of this amount State banks held
313,576,300 and trust companies $129,517,300.

The averages of the New York City Clearing-House banks
com bined with those for the State banks and trust companies
in Greater New York outside of the Clearing-House compare
aa follows for a series of weeks past:

April
April
April
April
May
May
May
May
June
JUIIU
June

8 ..
1 5 ..
2 2 ..
2 9-­
6 ..
1 3..
2 0 ..
2 7 ..
3 ..
1 U0-.._
1

Loans and
Investments.

Specie.

Deposits.

*
2.486.883.8
2.496.582.8
2.507.088.1
2.513.422.9
2.514.961.3
2.518.309.7
2.541.441.4
2.548.862.8
2.558.152.1
2.565.375.5
4
, OVO, Ol iJ, U

$
2.478.291.3
2.495.710.0
2.514.816.5
2.527.904.5
2.520.363.1
2.533.056.3
2,558,748.7
2.507.915.5
2.570.202.0
2.578.787.0
o ,«

5
415.915.7
419.947.1
429.951.0
436.126.7
433.695.8
436.015.2
440.383.8
442.470.3
435.941,5
439.205.0

$
93.014.0
94.075.5
93,354,9
94.814.3
93.712.6
94.377.0
94.383.3
95.268.0
94.155.1
94.311.3

$
$
508,929.7 533.409.7
514.022.6 538.093.6
523.305.9 547.242.3
530.941.0 555.117.3
527.408.4 553.291.4
530.392.2 557,340,3
634.767.1 561.884.7
637.744.9 504.758.2
530.096.6 557,990,9
533.516.3 561.250.2
- ____;-------- ;--------------- ;-------- ;—

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending June 10, based on average daily results:

Banks.

N. Y. City
Boroughs oj
Mnn.it■ Brx.

Capi­
tal,

$
100,0
Century —
250,0
400,0
300,0
Columbia . .
200,0
Fidelity . . .
500,0
250,0
Mt. Morris.
200,0
100,0
200,0
100,0
200,0
200,0
Aetna Nat. . 300,0
Borough of
Brooklyn.
200,0
252,0
1,000,0
750,0
300,0
200,0
300,0
First N at..
Jersey City.
400,0
250,0
200,0
Third N at..
Ilobokcn.
220,0
125.0
Second Nat

Sur­
plus,

$
282,0
148,9
402,8
762,4
183,2
521,5
331,4
387,2
460,9
107,4
492,8
271,8
153,2
309,6

$
1,328,0
1,502,3
6,728,0
0,416,0
1,068,1
3,906,7
2.693,3
3,602,4
3,964,0
2,025,8
4,488,7
2,373,0
1,368,8
2,186,9

Legal
I Cfhlet
Specie. and
Bank
Notes.

FOREIGN IMPORTS AT NEW YORK.
1911.
52,311,451
16,381,231

$
144,0
34,2
830.0
681,0
50,6
254.2
503 7
17,0
331,0
183,8
48,1
270,0
336,7
490,1

$
57,0
230,4
414,8
633,0
118,7
491,6
52,9
508,0
376,0
60,8
874,2
93,0
40,3
33,2

S2,156,799
13,617,168

1908.

$2,741,604
12,670,702

51.699.415
10,187,804

T o ta l.................. ....... • -... S18.692.682 515,773,9671 515.412,306 $11,887,219
Since January 1.
Dry Goods.............................. $64,033,131 572.267.316 S77,252,205 S53.625.166
General Merchandise.......... .. 327,370, 11 355,713,837 313,090,208 222,554,267
Total 23 weeks.................. 5391,404.017 5427,981,153 5390.342.413 $276,179,433

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending June 10 and from Jan. 1 to date:
,
EXPORTS FROM NEW YORK.
1908.

1909.

1910.

1911.
For the week.................... —
Previously reported..............

S18.753.628 $12,454,580 $12,855,076 $15,451,891
331,500.925 270,889,581 200,088,277 290.803,874

Total 23 weeks.................. $350,254,553 5283,344,161 $278,943,353 $306,255,765

The following table shows the exports and imports of
specie at the port of New York for the week ending June 10
and since Jan. 1 1911, and for the corresponding periods in
io o q .

Great Britain.......... ........................
France ........ «..................... - ...........
Germany ..........................................
South America........ — ........... .......
All other countries— ......................
Total 1911...............................

Silver.

$
1,247,0
1,812,0
8,179,(3
7,503,0
1,128,4
437,3 5,040,4
66,3 3,535,4
—
4,308,0
5,674,0
2,333,3
437.0 5,901,7
35,0 2,918,0
1,408,0
29,7 2,128,3

$
17,0
262,1
231,8
81,0

305,8
1,197,7
1,620,2
1,370.0
664,0
257,8
439,0 1

332.7 3,792,1
141,3 6.690,3
208,0 15,718,4
8,540,0
212*6 5,207,0
88.6 2,550,5
44,0 3,368,0

36,2 474,0
603,0 240.4
236,2 1,523,0
771,0 385,0
74,0 591,0
120,2
131.9
93,0
351.0

1,269,8
763,5
406,0

5,219,3
3,050.0
2,237,5

292.5
155,2
05,8

475,9
66.8
128,9

2,119,4 1 664,0
322,4 298,2
24.2
510,8

7,249,5
2,955,5
2,576,7

030,3
255,3

3,059,8
2,943,4

155,8
177,2

36,6
46,7

201,9 1 112,7
67,1 | 240,8

3.357,2
3,363,2

7.497.1 12,799,7 99,634,5 7,242,2 8,231,4 14,972,3 3,963,7 + 18545,5
Tot. Juno 3 7,497,f 12,799.7 99,094,5 6,932,1 7,817,(1 14,831,3 4,056,9|117400.6
Tot. May 27| 7,497,1 12,799,7 98,779,7 7.014.7 7.833,5 15.379,9 14,119,0 |117513,6

Week.

Since Jan. 1

Week.
______
$10,200

32,090

14*625

813,926
157.625

187,578
29,951

.

Since Jan. 1

$23,592
2,206
*" *53*500
1,645,430

573,067
453,870
1,819
997,554
1,424,640
1,578,950
986,535

$275,417 $5,516,441
64,818 5,568,382
5,283,717
101,631

$24,825 $2,620,481
55,745 44,211,008
282,550 56,382,302

$17,408
14
774
1,248
48.823
45,433
17.774

$1,110,300 $20,313,092
1.285.70C
27,000
16,493
60.64C
700
19,801
4,966

$170,928
5.503
9,375
22,121
2,192,523
801,950
820,254

$131,474 S4.022.654
1,853,401
125.30C
152,076 2,409.046

$1,138,200 521.700.692
878,008 19,143.OK
929,698 21,053,852

Net
Other
Banks, Deposits.
Ac.

$
162,0
132,0
696,0
820,0
320,4
195,6
406,3
505,4
1,595,0
251,3
215,8
432,0
56,7
35,7

Imports.

Exports.
Gold.

200

538.6 3,227,2
843,9 5,064,3
853,1 12.174,2
1,013,5 7,960.0
588,1 4,029,0
150,8 2,201,8
638,7 3,607,0




.

1909.

1910.

For Week.
Dry Goods..............................
General Merchandise............

Deposit with
Clear­
ing
Agent.

157.443,6

146.293.1
139,184,5
173,728,4
163.565.1

Imports and Exports for the W eek.— The following are
the imports at New York for the week ending June 10; also
totals since the beginning of the first week in January.

We omit two ciphers (00) in all these figures.
Loans,
Dlsc’ts
and
Invest­
ments.

15.329.0
15.309,0
15.301.0
15.298,0

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Tot. Money Entire Res.
Holdings. on Deposit.

Legals.

00.105,0
60.105.0
60.105.0
60.105.0

333.811.0
331.760.0
339.444.0
337.662.0

81.700.0
83.482.0
87.441.0
87.485.0

268.474.0
268.707.0
268.282.0
270.282.0

n Includes Government deposits and the Item due to other banks.
At Boston
Government deposits amounted to $3,068,000 on June 10, against $3,051,000 on
Juno 3.

m m

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Week
Ended.

May 20..
May 27.,
June 3 ..
June 10..

41.350.0 219.280.0 25,723.0 3.401.0 268.087.0 7.122.0

Of the above imports for the week in 1911, $128,490 were
American gold coin and $1,000 American Silver coin.

g a u M tx g a n ti f i n a n c i a l .

Diversify Your Investments
W rite for our circular entitled
treats the above subject In detail.

“ Judicious

Investm ent,"

which

Spencer Trask & Co.

,

43 EXCHANOE P L A C E .------NEW YO RK .
Chicago. HI.

Boston. Alass.

Albany, N . Y .

Members New York Stock Exchange.

WHITE,

WELD

&

CO.

Members New York Stock Exchange.
5 N A SS A U ST R E ET .NEW YORK

T H E ROOKERYJ
O HIO AQ O

1618

THE CHRONICLE

ftiau tiers’ (Sa^jette.
W a ll S treet, F r id a y N ig h t, J u n e 16 1911.
The Money Market and Financial Situation.— Nothing has
occurred to stimulate interest in the security markets and
the latter have consequently been dull and generally unin­
teresting throughout the week. The group of operators at
the Stock Exchange which depends upon an active market
for profits has tried to arouse interest in weather reports and
crop prospects, hoping thereby to create a better demand
for stocks; but the recent general advance in prices seems
to have anticipated present favorable conditions. Whatever
the cause, the stock market has shown a tendency to weak­
ness, while the bond market has been relatively active and
in this department prices have been somewhat better main­
tained.
Reports of the iron and steel industry are encouraging to
the extent that daily receipts of orders by the United States
Steel Corporation are understood to show a substantial per­
centage of increase over those for last month, and it is be­
hoved that some of the railroads are preparing to place orders
which have been held in abeyance for some time past. The
foreign trade statement for May is an interesting document.
It shows the balance in favor of this country considerably
larger than that of the same month in previous years, and
forecasts a result for the year ending June 30 as one of the
most favorable in our history.
The financial situation abroad is illustratod by the Bank of
England’s weekly report, which shows a large addition to its
gold holdings and the largest percentage of reserve at this
season in recent years. The local money market is un­
changed in general features and the large amount of capital
seeking investment has created a good deal of interest in the
new Chinese loan, which has been largely over-subscribed,
and the Panama Canal bonds soon to be offered to the public.
SST.he open market rate for call loans at the Stock Exchange
uring the week on stock and bond collaterals has ranged
from 2% to 234%. To-day’s rates on call were 2 % @ 2 % % .
Commercial paper quoted at 3 % @ 4 % for 60 to 90-day en­
dorsements, 3 % @ 4 % for prime 4 to 6 months’ single names
and 4 % @ 5 % for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £683,051 and the percentage
of reserve to liabilities was 52.62, against 52.55 last week.
The rate of discount remains unchanged at 3% , as fixed
March 9. The Bank of France shows a decrease of 3,600,000
francs gold and 3,275,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1911.
Averages for
week ending
June 10.
Capital..........................
S urplus........................
Loans and discounts__
Circulation ..................
Net deposits.............. .
U. S. dep. (Incl. above)
Specie
____ _______
Legal tenders................
Reserve h eld ................
25% of deposits............

Differences
from
previous week.

S
134,150, ,000
200,234, ,400
1,352,413, 500 Inc.
45,490, 800 Dec.
1,406,330, 000 Inc.
1,572, 000 Dec.
315,508, 800 Inc.
74,913, 900 Dec.
I
390,422, 700 Inc.
351,582, 600 Inc.

6,789,
333
10,502,
1,
4,288,
72,
4,216,
2,625,

1910.
Averages for
week ending
June 11.

1909.
Averages for
week ending
June 12.

S
i
$
130 ,350,000 126,350,000
185, 325.600 172,318.900
1,192, 120.800 1,362,007,900
48, 129,400
49,137,400
1.184, 276.900 1,429,466,800
1, 685,700
2,438,900
250, 525.900 296,405,400
68, 643,100
78,776.400
319 169,000
296, 069,225

Surplus reserve........

38,840,200 Inc.

1,590,850

23,099,775

Surplus, excl. U.S. dep.

39,233,200^Inc.

1,590.475

23,521,200

375,181,800
357,366,700
I

17,815,100
18,424.825

[V O L . L X XXX1 1.

State and Railroad Bonds.— Sales of State bonds at the
Board include *2,000 Virginia fund, debt, 1991, at 86%
and $99,000 Virginia 6s deferred trust receipts at 58 % to 59%
Ihe transactions in railway and industrial bonds have
averaged about $3,000,000, par value, per day, and are
therefore somewhat more limited than last week, although
including a relatively large number of issues. Price changes
are irregular but generally cover a narrow range.
Wabash-Pittsb. Term, lsts have been by far tho most
active bonds, on a demand which carried them up over
2 points. Some of the Erie issues have been active and are
higher. American lobaccos have continued active and
steady. Several convertible bonds have been weak in sym­
pathy with the shares, including Norfolk & Western Mis­
souri Pacific, Union Pacific and Atchison.
United States Bonds.— Sales of Government bonds at the
Board are limited to $10,000 4s, registered, at 114%. The
following are the daily closing quotations; f o r y e a r ly range
see third page fo llo w in g .
Interest
Periods
2s,
2s,
3s,
3s,
4s,
4s,
2s,

1930 -------------- registered Q—Jan
1930-------coupon Q—Jan
1908-18------------registered Q —Feb
1908-18---------------coupon Q —Feb
1925 ................ registered,Q—Feb
1925...................... coupon Q—Feb
1936.Panama Canal reglslQ—Feb

June
10

June
12

June
13

June
14

June
15

June
16

“100)4
“100)4
“101)4
“101)4
“114)4
'114)4
■100)4

*100 H
*100)|
* 101)4
*101)4
*114)4
*114)4
*100)4

*100)4
*100)4
*101)4
*101)4
*114)4
*114)4
*100)4

*100)4
*100 '4
*101)4
*101)4
*114 '4

*100)4
♦100)4
*101)4
*101)4
114)4

*100)4
♦100)4
*101)4
*101)4
*114)4

♦100)4 *100)4 *100)4

This Is tho prico bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.— In addition to hav­
ing licen dull, the stock market has been almost featureless
and in most cases prices have gradually drifted towards a
tower level. We note a few exceptions to the general trend
oi the market, but not much interest has been manifested
in any particular issue.
Denver & Rio Grande continued the downward movement
mentioned last week, the preferred selling over 12 points
lower than early in the month. Canadian Pacific and Atchi­
son have each shown a tendency to react from recent advances
the former closing with a net loss of over 2 points. On the
other hand, New York Central, Lehigh Valley and Chesa­
peake & Ohio have been relatively strong.
The copper stocks are all higher than last week. Utah
Copper has advanced 2% points, Amalgamated 2% points,
Tennessee Copper and Smelting & Refining over 1 point.
Virginia-Carolina Chemical has been the weak feature of
this group, closing to-day 3% points lower than last week.
U. S. Steel common shows an advance of 1% points and the
preferred is fractionally higher.
F o r d a ily volum e o f bu sin ess see page 162.8.
Ihe following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June 16.

Range for Week,
owest.

i

Highest.

Amer Tclcg & Cable___
10 83
Junel2 S3
Cent & So Am Telegraph
100119)4 Junel6,119)4
Evansville & TerreHaute
100 85)4 JunelO 85)4
flomestake Mining........
130 85)4 June 13 85)4
May Department Stores. 2,850 81
Junel4 84
Minn St Paul <fc S S M —
subscrip rects 2d paid.
30131 JunelO'134 •
Paclllc Telep & Teleg, pf
100 97
June!) 97
Pittsburgh Steel, prei__
225 105)4 JunelO 10.))4
Sloss-Shelt Stci l & I, pref
15110 Junel2110
United Cigar Mfrs, pref
400 101 Junelfi 105
Virginia Iron. Coal & C. 1,740 69 Junel2 70)4
Vulcan Detlnnlng, pref.
120 70 Junel3 70

Range since Jan. 1.
Lowest.

Junel2 81
JunelO 116
JunelO
June 13
JunelO

Mch
Jan
Feb
May
Apr

I Highest.
85)4
122
85)4
87
84

Jan
Mch
June
May
Juno

JunelO 132
May 134
May
Junell 95
Jan 99)4 Mch
Juncl.3 103
Apr 106 June
.Junel2 110
June 112
Feb
JunelO 101)4 Mch 105 Juno
JunelO 52
Jan1 71 June
Juncl3 50
Jan 70 June

Outside Market.— Prices in the market for outside securi­
ties moved to higher levels this week, though the volume of
business was small. American Tobacco from 417 dropped
to 406, recovered to 413 and to-day sold down to 405, the
close being at 410. Intercontinental Rubber com., after
Foreign Exchange.— Dealings have been in light volume early loss from 27 to 26% , ran up to 27% and reacted finally
and at steady quotations during the week. Demand closes to 27%. Standard Oil lost 2 points to 653. Studcbaker
at 4 85% for both spot and future delivery.
Corporation stocks were active and continue their upward
T o-d a y's (Friday's) nominal rates for sterling exchange were 4 84 )4 for movement, the common advancing 3% points to 68 and re­
sixty day and 4 87 for sight. T o -d a y ’s actual rates for sterling exchange
The preferred moved up from 105 to 106
were 4 838 0 @ 4 8390 for sixty days, 4 858 5 @ 4 8595 for cheques and 4 8605 acting to 66%.
@ 1 8615 for cables. Commercial on banks 4 83 )4 @ 4 83 J4 and docum ents and back to 105.
United Cigar Mfrs. com. went up from
for paym ent 4 8 3)4 @ 4 83)4- Cotton for paym ent l 83)4 @ 4 83)4 and
52 to 55. The initial trading in the new Chinese Govern­
grain for paym ent 1 83)4 @ 4 8 3)4 .
_ T o -d a y ’s (Friday’s) actual rates for Paris bankers’ francs were 5 2 2 )4 @
ment loan— Hukuang Rys. 5s— added another feature to the
5 2 1 % less 1-16 for long and 5 20 % less 1-32 @ 5 20 )4 for short. Germany
bankers marks were 9 4 )4 @ 9 4 11-16 for long and 95 1-160*95 )4 less 1-32 bond department, the price going down from 97% to 97%
f° r short. Amsterdam bankers’ guilders were 40 19@ 40 21 for short.
and up to 97%. They were brought out at 97. Heavy
The posted rates for sterling as quoted by a representative house were
4 8;> for sixty days on Saturday and M onday and 4 84)4 since then. The dealings in Panama 3s, “ w. i.,” was also a prominent factor
in this section at an advance from 102 11-16 to 103%, the
quotation for.sight has remained unchanged at 4 87 throughout the week.
Exchange at Paris on L ondon , 25f. 3 0)4 c.; week’s range, 25f. 31 )4o. high highest on record.
The bonds close to-day at 103. Great
ana dot. 29 % c. low.
Exchange at Berlin on London, 20m . 4 3 )4 p f.; week’s range 20m . 45pf. Northern 4%s, “ w. i.,” advanced from 101% to 101% and
high and 20m. 43)4p f. low .
.
sold to-day at 101 13-16. Oregon-Wash. R R . & Nav. 4s
T he range of foreign exchange for the week follows
weakened from 93 1-16 to 92%. Southern Bell Telep. 5s
Sterling, Actual—
Sixty Days
Cables.
Cheques.
High for the w eek__ 4 8410
4 86
4 8630
improved from 99% to 99%. Copper shares were firm on
Low for the w eek. ..4 8390
4 8580
4 8605
the improved outlook for the metal. Braden Copper
P aris Bankers' Francs—
High tor the w e e k ...5 21 J4 less 1-16 5 20 )4
gained about half a point to. 5 and eased off finally to 4% .
5 20 less 3-32
Low for the w e e k .___5 22 )4
5 20 54 less 3-64 5 2 0)4 less 1-64
British Columbia fluctuated between 5% and 5% , the close
Germany Bankers’ M arks—
High tor the w eek___ 94 11-16
to-day being at 5% . Butte Coalition advanced a point to
95)4
95 3-16
Low for the w eek------ 94 54
95 1-16
95)4
2 0 and receded to 19%.
Giroux rose from 7 to 7% . Greene
Amsterdam Bankers' Guilders—
High for the w eek—
40 14
Cananea improved from 7% to 7% . Inspiration from 8%
40 25
40 29
Low for the w eek____ 40 09
40 19
40 23
reached 9 % , the final quotation to-day being 9% . United
Dom estic E xch an ge.— T he following are the rates for dom estic exchange
at the undermentioned cities at the close of the week: Chicago 2 0 @ 3 0 c. Copper com. was conspicuous for a drop from 3 to 1%,
Kerr Lake,
per §1,000 premium. Boston, 5c. per §1.000 discount. San Francisco, though it subsequently recovered all the loss.
50c. per §1,000 premium. Savannah, buying, 3 -16c. per §1,000 discount; after an early advance from 5% to 6, fell to 5% and finished
selling, par. Charleston, buying, par: selling, 1-10c. per §1,000 premium.
to-day
at
5%
.
Louis, 40°. per § 1.000 premium. Cincinnati. 25c. per §1,000 premium
St. Paul, 90o. per §1,000 prem ium . Montreal, 46J4c. per §1,000 discount.
Outside quotations will be found on page 1628.
Note.—The Clearing House now Issues a statement weekly showing tho actual
condition of the banks on Saturday morning as well as tho above averages These
figures, together with the returns of the separate banks, also the summary Issued by
the State Banking Department, giving the condition of State banks and trust com­
panies not reporting to the Clearing House, appear on the second page preceding.




1619

N e w Y o r k S to c k E x c h a n g e — S to ck R e c o r d , D a ily , W e e k ly an d Y e a rly
OCCUPYING
STOCKS —HIGHEST AND LOWEST SAGE PRICES.
Saturday
June 10

At omtay
June 12

Tuts ay
June 13

V\ednesday
June 14

Thursday | Friday
June 15 \ June 10

Sate* of
Vie
Week
7 vrc3.

TWO

PA GE S

STOCKS
N EW Y O R K STOCK
E XC H AN G E

Range since January 1.
On basis of 100-]/i«r« lots.
Loucest.

Railroads
1145, 11.ll&ti 115 11 1143, 1151s 11334 1147, 1133.8 1143, 60.50C A tch Topeka & Santa Fe
105*4
10612 1051., IO5I4 1051, 1053g 106 10514 105 105
2,425 / Y Do p r e f __________
13012 130
130 130
3,70t Atlantic Coast Line RR__
l.iOSg 13214 1317, 132
I3II4 132
107&X 107/g lea 1 >76, ID-, 7.8 1076, 1086g 1081s 1083, 1081, 10812 16,800 | altlmore & Ohio______
♦89
90
*89
891? *89
500 * * Do p r e f __________
8912 8912 896 * 88l2 8UI4
815» 80
8U2 81*8 81-u 81
815j 80
14,560 Brooklyn Rapid Transit.
801? 8OI4 8.;
2423g 24 U4 24214 24068 2413 2393, 2401, 2401, 24Hs 240 2^ ., 18,240 / -anadlan P a c i f i c _____
7214 + (:
*67
*6214 72I4
7214
*280 290 *280 290 *266 290 ^1*230 ’ 290 ’ *280 290 §288 288 "
30 Central of New Jersey___
841i 843g 8.. *4 8418312 8334 8414 851,
8412 86I2 837g 8412 22.701 Chesapeake & Ohio_____
*27
30
*25
32
Chicago & Alton R R ____
*20 30
*20
30
*20 30
30
*28
05 *- __ 65 *
Do pref______________
_ 65 * - _ 65
65 +___
65 *
2434 231? 24
*24
231, 24
237, 24
*2312 2414 2.80C Chic Gt West trust ctfs__
24
*2312
45-l.j 46
4.3, 46
40
1,821
40
Do pref trust ctfs_____
40
45
45
*45
45
129 12914 128-8 130
128 1291, 1281? 12914 1273s 129
12714 1213.8 50,951 Chicago MJlw &. St P a u l..
*154 155 2 155 155 *154 155
601
Do pref. ____________
155 155
155 1551? * 154*2 155
*149 141. 1 14912 150
1491? 1491? 1491, 1491? *149 149., 14834 14834 1,715 Chicago & North Western
*199 205 *199 210 *199 210 * 199 200
210 * 199 210
*142 143
143 144 *142 144
400 Chic St P Allnn & Omaha
143 143 *140 145 *141 143
*155 100 *155 100
Do p r e f ______ __ .
155 160 *155 160 >155 160 *155 160
* 21? 3
* 214 3
*2
23, *2
234 *2
3
*2
Chic Un Trac ctfs stmpd
3
*511 7
*5
100
7
Do pref ctfs stmDd___
*514 d 2 *5^4 6*2
512 5i2 *512 0
*5/
62
00-14 or60
60
63
300 Cleve Ctn Chic & St L
00
63
*59
60
*59
*90 100 *901? 100
*0012 100
100
Do p r e f ........................
*901? 100
*9612 9714 9012 9G12
*541? SSI*' *5412 551? *55
100 Colorauo <5c Southern _
*55
60
5512
50
551i 551? *55
*8014 80
835
8012 800
Do 1st preferred_____
8012 8012 80I2 806, 8012 8012 *8012 81
*75
80
80
*75
HO *75
*75
80
80
80
*76
*75
1731? 173. 1721* 1721* 173 173
173 17314 173 173
172 17212 1,750 TDelaware & H udson. .
552 652 *505 505 *535 566
*505 605 ':'5 15 605
300 J -'elaw are Lack & W est.
540 540
297S 30
283, 29
283g 301; 2813 29
29
287S 291* 8,410 Denver & R io Grande.
29
Do pref_____ __
05
6912 24,810
05
62
59I4 697, 59
t
5 4 0314 58I4 00
*14
15
15
*14
*14
14
Duluth So Shore & Atlan
14
15
*14
16
*14
15
Do pref__________
27
*25
28
150
*25
*25
27
2.3
*25
28
*2412 271?
*25
370. 3 'i 367, 3614 37
36<4 37
3512 363, 37i’ s 357, 85,700 F ,r l e -------- -------------3*
673S 69
6712 56
17,108 A-t Do 1st preferred__
67
577,1 57
561? 58
5714 5534 56
Do 2d preferred___
4(4.| 471? 40
40
40
40I4 455] 40U 45>>3 453, 0,700
40
47
13534 13S5,i 37,000 Great Northern pref__
138l| 1393, 139 13974 13SL 13914 13SB, 13(3, 13/12 139
623 , 63
Iron Ore properties__
4,050
0314 O8I4 0212 621' 627, 03
63
6212 631? 03
2 Green Bay & W .deb ctf B
*1312 I 4I4 *1312 14M *1312 IH4 *13l2 I 4I4 *1312 I 4I4 1312 131?
*9U2 991? *94t2 9512
¥ Vavana E lectric______
*941? 951r *9412 0.',
9912
§9812 98>2
20
H ocking V alley________
140
*125 140
140 *___ 140
140 * _ 140
*140 142
14Ug 14H, 1411? 1411, 1411? 14112 *141 1413,, 14134 1413.1
767 |lllnols Central________
1914 19*8 19
1834 191,
187J IIJI4 1833 1X3, * l '-8 19
1! '8
4,200 1 nterboro-Metropolitan .
6218 63
52
Do pref____________
52-s 521, 63
621, *51
52
0,100
52*4 623,
61
1S34 1812 180
*18
i r . 183, *1812 183, +131.J 183, *1812 If 3]
300 Iowa Central____________
*35
30
36
3014 *3612 300 30
Do prelerred__________
361.,
301]
600
301] *30
78
*70
*70
78
*70
*70
82
82
C F t S & M tr ctfs,pref
82
82
*75
+70
3614 3o’ a 3534 363, 357g 373, 307g 37*8 3G14 371, 357, 301? 14,500 AA-ansas City S ou th ern ..
69ts 69ig O9I4 091? 0'=4 6912 091? 08
*08
G93i 1,400
Do
preferred______
68
*09
i8u
* l l l 2 IS
1634 16*1
*1112
*1412 18
*141? 17
100 T ake Erie & W estern ..
*1412 17
*35
38
*34
38
*34
*34
38
A-* Do preferred______
37
*33
36
1783.4 1703s 179Ig 1803, 1787S 180
17912 ISO’ S 1785s 1797, 177 1787, 49,800 Lehigh Valley___________
6712 671- *57
6J
*57
59
*57
69
69
*67
69
*57
200 Long Island____________
152 1623s 151 15212 151 151*4 151 153
0,400 Louisville & N ashville-.
1SH2 15212 I 5H4 152
♦138 140 *13.57, 140
225 \ 1 anhattan E le v a te d ..
13 8 1396, 139 139 *137 139 *13612 138
32
33
*30
301* 301, 30lg 3U14 •28
OOO -HA-Inneapolls & St Louis
3014 303,8 3()l8 301g
453, 4534 *45
Do preferred________
*45
47
*44
47
*44
49
*45
100
1387g 138'g 13734 1383, 1383S 138S4 1383s 13S3a 13 77, 138 *137 138l2 1,573 Minn St P & S S M a r ie ...
Do preferred________
153 153
15! • 153 *151 153 *151 153 *150 163 *1497g 163
200
893., *89
*8914 8934 *80
8934 *89
Do leased line ctfs ___
8934 *89
8;3., *89
893/
3034 37i2 3612 371? 3'T'g 37»g 3712 3Slg 373g 381, 37
377, 29,150 Mo Kansas & Texas___
083, 68I4 6X1( 2,000
09
Do preferred_______
08
08
(19
071? OH^s 6812 0S5g ♦OS
5H4 51*8 4934 611? 497g 5. 6,1 497, 6C34 50
51
60ts 503] 26,700 Missouri P a c ific ...
160 160 *155 100 *155 160
*152 155 *152 155
154 155
446 X 'a s h Chatt & St Louis.
6712 64
07
*00
071? *60
071? *02
*01
04
*0314 6712
100 J-a at Rys of Mcx 1st pref
32
Do 2d preferred___
*30
3014 3OI4 3012 301? 2912 21!C>s *29jh 301? 31
31
1,500
110 IIOI4 110 HOI., 110 IIOI4 lio u m i ' 1103.1 1111? n o ’ g 111
10,172 N Y Central A H u d so n ..
*58
N Y Chic & St Louis___
60
*58
00
60
*61-1.1 5914 *5ol,i 59I4 *5814 59I4
*53
+102 107 *102 107 *102 107 *102 107
107 *102 107
*84
90
90
*84
90
*85
*84
90
90
*85
90
147l2 148
148 148
14412 1441? 1,015 N Y N II & H artford___
147 14714 147341473.1 *144 147
Subscription receipts 1/ .
*144 147 *
147 +140 147 *144 147 * ___ 147 *14312 147
443,
447
4434 4Wg 45-14 401.3
4418 441r
453, 453g 451? 19,675 N \ Ontario & W estern.
IO.8I4 IOSI4 10734 IO8I4 107I2 1073., 10734 108*3 10712 1083s 10/12 10734 7,500 Norfolk & W estern.
1)2
Do adjustment p r e f..
*90
*90
92
*90
92
92
*90
92
92
*89
*89
Northern Ohio Trac & Lt
*1312 4012 *451.| 407. *4312 407, *431? 463, *4312
*4312 -107,
13!il2 137
1303g 1373,, 13512 1306, 13534 13t»s 1313, 1357, 13412 1353, 53,050 Northern P a c i f i c . ____
p a c if ic Coast C o_______
*98 105
*98 105
*98 105
*97 105
ADo 1st preferred___
*85 110
*85 110
*85 n o
*85 110
*85 n o
*85 n o
Do 2d "preferred___
*98 105
*98 106
*98 105
*97 105
*98 105
*97 105
124t2 1247g 1243s 12514 12 Il2 12.:.'., 1241% 125
12412 1243, 30.0S1 P en n sylva n ia ___________
12158 125
R lv h ts ______________ _
0512 9534 9£12 958, 9512 9.Vi] 1,000 Plttso Cln Chic & St L __
*92
*943g 96
95
*9412 96
*108 115 *108 115 *108 115 *108 115 *108 115 * 108 115
Do preferred_________
1593, 1601? 301,200
e a d ln g ______________
151 4 ioou 15934 I 6II.1 15914 iri3, lo t’ s 10112 15912 101
90
*8834 90
90
*89
90
8078 8934 *89
90
90
700 A-V 1st preferred______
*89
98
2d preferred_______
*95
98
9<V>4 97
*95
98
400
98
*95
98
98
*95
333s 34
331? 34
3314 3414 337, 343g 3312 3 H4 S33, 341, 60,000 R ock Island Com pany___
Do preferred_________
0014 60*. C6I4 0()3i 0534 071? 67*4 08*8 0.S12 081? C7
081? 8,450
400 Q t I, A San I-r, 1st p ref.
08
*00
08
*07
671? 07*8 0712 077, *00I2 071?
407g 47
467, *4614 40^4 1,925 kJ Do 2d preferred____
40l2 47
4G12 471, 40 <8 47
200 St Louis Southw estern..
*32
33
3112 310 *32
33
*31
32*8 311? 311? *3112 33
70
400
Do preferred_________
093., 70
*69
*09
70
*68
70
*09
*68
70
70
I 2OI4 1207g 120l2 1211. 120U 12C3| 1201? 1207g 120t3 1211, 120 12012 19,000 Southern Pacific C o ..
o ll2 3212 321, 32®, 311, 321, 81,900 Southern v tr ctfs stm p d .
31.'4 311,. 313a 321g 316,8 32
Do pref
do
713.i 721? 711? 723, 71-->8 721? 7 ll2 72
10,575
7014 72
72
725,
293., 293, 293,, 29-1.8 29o, *29
291? 3,100 rPexas A Pacific___
*29
2934 2v*] 291* 30
107g 107g 103,8 103,
12
*1()14 11
111.1 141g 10
103-8 11
9,500 A-hlrd Avenue (N Y ) ._ .
77, *73g 77, *7
8
*71,
77, *7
T oledo Railways A L t ___
*7
Wg *7
8
221? 236,8 22*4 23i8 23
22-'>8 223,s 22*8 23
231,
23
231, 2,000 Toledo St L A W estern ..
503.1 6I3g 5034 5U4 4934 51
503., 5U8 511.1 518,
Do preferred________
515g 513] 4,000
*109 110 *108 1001? 10S12 10SS8 *108 109
400 Twin City Rapid Transit.
10S12 1081? * 10712 109
1861? 1873s I8OI.1 1875s 1851*8 187
1801, 187
18512 1871, 18514 I86I4 121,150 | fnlon Pacific__________
9H4 947, *9 i 1.4 95
*9414 9434 9H4 94I4 94
Do preferred______
1,400 YJ
941? 9414" 941]
41" 1 41
41U 4U= 41
41
411, 411? 41
963 Unit R ys Inv’ t of San Fr
41
§401,1 40!4
71
71
Do preferred_________
71
71
71
1,014
7114 7U4 71
70
7012 70
701,
Virginia Ry & Power........
173, 17*2 *1714 175,8 4,350 W ? a b a s h ______________
171s 1712 171, 175? 17l4 1712 1712 17*.,
3S-V 38i2 39";; 381,? SOI, 39
Do preferred_____
3912 3812 391]
14,100 ’ ’
3812 39
60
001.8 6912 60
0U.; 0018 01
01
5914 001, 59I4 691? 3,700 Western Maryland R y ___
91
*81
*81
90
90
*81
80
D q pref erred_________
*80
20C
*8012 8112
81
81
*|12 5
*4
5
*4
*4
5
6
2,501 Wheeling A Lake Eric___
4.I4 533 *412 5
*15
17
17
*15
*15
17
Do 1st preferred_____
*14
17
17
501
10
♦15
17
8
*6
8
*0
Do 2d preferred______
*0
71? *0
734
61? 1,301
8
7
0
69
69
691? 09
*08
70
*08
69I4 09
687, 687* 1,400 W isconsin Central______
69
1151s
lOSlg
130*2
107^8
89*]
81*{
241-8

Htyhest.

Itanye. jor Previous
Year 191(1.
Lowest.

| Highest.

IOQlft Jan 3
90*i J ’iy
1003] Jan i 10.)'; J'ne 12
117 Jan 5 13214 J'ne 14 1021? J'ly
102 Feb 1 1091; Jan .. 1 lOOL Sen
87 Mch21
yi Jan 4
871] Sep
74'g Jan i
8i J'ne s
6812 Feo
195s* Jan 1 24238 J tie 10 170*4 Fei.
62 Mch 3
270 Mch 10 285 Feb 21 248 " J ’ly
77 Apr 24
Feb b
65 Aug
92 Jan
25 Apr 7 31 (g A1av23
00*4 Jail
23?8 J'*y
62 Mch 17 53 Jan 1;.
047, J 'n09 Apr
201, Apr 19 251] J'ne 5
19 J'lv
367g Jan
42 Apr 25 4'JL Feb 6
40 J'ly
(ills Jan
117 Apr 18 1-3 Feb 7 113I4 J ' n <
147 Jan 3 1561? Feb 2 143 Sep I72i4 Jan
142>2 Jan 16 ISO'- J'ne 12 1371] J ’ ly 182i2 Jan
§20,, Jan 4 §209 Jan 7 203 J'ne
130lg Apr 20 144 J'ne 12 140 Apr I62i2 Feb
152 Feb 18 §100 M ch 2<
<170U Feb
2's Dec
33,s Feb 4
2 Apr 7
6*3 Jan
5 J ’ne 2
3*4 Feb C
4-s Sep
12i4 Jan
61 Nov
( 2i4 Mch
6012 Apr 25 60 Jan 18
99 Sep 101 Jan
96I2 Mch 18 98 Feb 1
40 J'ly
61 Apr 18 00 Jan lx
65*4 Feb
741] Mch 27 80*8 J ue 14
70 J'ly
83 Mch
75u Mch 2
I64I4 Jan 8 174<8 J'ne 8 14914 J'ly 185 Jan
610 Feb « 560 J ’ ne 6 490 J'ly 020 Alch
52 Jan
2712 May 2 35 Feb 16
23i4 J 'ly
68*4 J ’ne 14 74 Feo 21
81 Jan
o'js, J'ly
11 Jan b
10 J'lV
18*4 Jan
22 Jan 6 30lg Meh 30
17 J ly
145s Jan
27U Jan 11 37‘ ? J ’ne 12
lyi? J'ty
46*8 Jan 12 69 J'nr 12
35 J'ly
52*4 Uch
35 Jan 9 471? J 'n cl2
20i4 J'ly
42 Alch
122 Feb 24 140 J ne 8 118 J'ly
66 Jan 6 6-34 Feb 2
4j J iy
801? I'll
1514
Jan
17
13)2 May 13
11 Aug
is<i Alch
10 Feb 17
9334 Jan 12 97 J'ne 7
92 “ May
128 Mch 24 134 Apr 29
140 Oct
132 Jan 3 142 J'ne 8 124 J'ly 147 Jan
1714 Aor 22 203* Feb lo
14I4 J'ly
251? .an
4734 Apr 22 55*ls0a-H 4
4U2 J'ly
52'* Jan
15 May 12 19‘s Feb 3
16 J'ne
30 Jan
28 Apr 24 3iii4 J'ne 12
E4i4 Jan
25 J ’ly
74 Apr 8 76 Mav 4
08 Aug
80 Feb
32 May 3 37*8 J ’ne ;3
44U ,uu
23 J'ly
641? J ail 3 093] J'u el3
58 Aug
71 Jan
14?g May 19
1634 J 'ne 16
15 J u-* 25*4 Jan
35 May 2
168*4 Apr 24 181(g Feb 3 17314 Dec 180 N ov
t7l2 J ’ne 10 63 Jan 10
60 J'ty
70‘4 Apr
1421j Jan 25 153 J'ne 8 13U2 J'ly 159*4 Jan
134 Mch 28 141 Jan 0 123 J'ne 140 Oct
2U2 Apr 26 31 Feb 15
23 J 'ly
35 Mch 13 § 60 Feb 14
40 Sen
132>gJan 4 1&2U Mch30 114 J ’ly
147*4 Jan 6 100 A1c b 30 144 J'ne 15312 Alch
883,, M ch24 9012 Mch 15 z86l4 Sep
31 Feb 24 38i* J nel4
27 J ’ly
on,' j a n
63i2 Jan 10 69 J'ne 10
7453 Jan
67 J ly
45-ig Apr 19 63 Feo 15
41 J'ly
735i May
140i4 Jan 19 16 1 J 'n el4
125 J'ly
140 Not
63 May24
60 Feb
72-’ ,s Jan 26
72*8 N ot
291? J ’ne 8 3$% Feb 15
231? J'ly
3712 N ot
I04<g Apr Is 11512 Feb 3 105*8 J'ly
128 Alch
67i2 Apr 17 65 Jan 19
65l2 May
6878 N ot
IOH2 Feb 21 101 s Mch 10 §101 J'ly
83 ” Apr 7 90 Jan 27
142 Apr 26 15Hg Feb 23 149 Apr 162 Mch
141 May 1 1491; Feb 27 A143 J ne 71151 Mch
40lg Apr 22 4618 J ’ne 14
3812 Aug
50 Jan
IOJI4 Jan 3 10«34 Mch 28
8812 J ’ly 1085s Alch
X534 Apr 18 9li4 J ’ ne 8
88 Feb
9U4 Mch
39>2 Jan 8 4434 J'ne 6
35 Feb
40i8 Dee
110 Jan 3 1377o J ’ no 8 11U2 Aug 145*8 Jan
100 Jan 11 102 Jan 10 100 Oct 11S34 Jan
101

Jan 11

12012 MaylS

2 Apr 18
93i2 May 13
111 May 20
I 49I4 Apr 24
8s Alch 1
94 Jan 6
27*] Apr 2l
673] Apr : 4
61 A pr 24
38 A pr 22
24 Jan 13
6934 Jan 3
1133s Apr 18
25 - Mch 4
0114 Jan 11
251? Jan 3
b®, Mch 2
6*4 Alch27
19 Apr 24
45 Apr 11
108 Jan 11
10934 Jan 3
907, Mch 6
Sli-sJan 3
G034 Jan 3
411? Apr 13
15i? Jan o
32'gJan 11
48'8 Apr 18
75 Jan 14
4 Apr 25
121, Apr 26
5 Jan 5
67 Jan J

102 Jan 11
130is Feb 2

21*10 May 18
100"’ Jan 17

105 Feb
1221? J ’ly

118 Jan
138i2 Mch

89 J'ly 10458 Alch
112 Feb 17
101*4 Feo 7 13033 J ly 17214 t e b
91 Feb 3 x85 Aug
9312 Feb
101 Mav 2
87 J'ly H0i2 Jan
227, J'ly
34*8 J ’ ne 14
57*4 Jan
0S'>8 J ’ne 11
64 J'ly
92t2 Apr
G8i4 J ’ ne 3
58 Aug
73 Jan
341? Aug
47i2 J'ne 3
60 Jan
34 Feb 4
181? J'ly
34i2 Jan
5H? J'ly
7018 J'ne 8
77i2 Jan
1215s J ’ ne 9 10314 J’ ly xl38i4 Jan
32 J ’nel5
18 J'ly
72 s J ’ ne 12
43 J ’ly
75 Jan
30 ; Feb . 1
221? J'ly
14UJ'ue 9
19i? Jan
81? Jan 17
51? J'ly
24*4 Feb 8
19 J ’ ly
537, Jan 5
4234 J'ly
111 Feb 2 103 J ’ly ll7 i2 Jan
188 J ’ne 8 1521.] J’ly 20434 Jan
95*4 Apr 5
8814 J 'ly
49 Feb 20
23*4 J ne
42i4" Jan
76t] Mch 22
47 J'ne
72*8 Jan
18*8 Feb 23
4()">s Feb 23
6l7g May31
81 May 13
0*4 Feb 3
17">s Feb 3
8 Feb 7
721, May 1

125S J ’ly
581, J'ty
40 J ’ly
67 A tig
3 Apr
8 J'uc
4 J ne
44 J ’ly

27*4 'an
61 Jan
54*8 Mch
77 Deo
10 Jan
1312 an
64 N ov

BANKS AND TRUST COMPANIES— BROKERS' QUOTATIONS.
Banks
Xow York
A e tn a _____
America 11..
Amer L x ch .
A ini 11bon . .
Battery Bk
B o w ery l]...
Bronx llorol
Bronx Nat
Bryant I’ k 1
Butch & Dr
entury 1|_.
JJhase ____

ttta

As<

175
000
263
106
136
401
300
190
15o
133
ISO
625

180
625
___
115
415
201
160
145
___

Banks
Ghr.t&l’heulChemical . .
Citizens’ C'tl
C ity_______
Coal & IroD
Colonla 11. .
Columbia A .
Co muiercu
Corn Ex n
East River.
fidelity 1i__
1 1-Iftli A ve'1

Hiu
Ask
178
172
200
425
435
___
f 162
f 413 1425
100
150
___
400
•jl 0
375
f 214 1217
339
325
l 15
125
105
1/5
»'00 (.3 0

Banks
FI til ____

ma
300

Aik
360

Banks
Imp & Trad

14th S tH ...
F o u r th ___
G a lla tin ___
Garfield _
Germ-Ani 11
Germ’ n Exii
Germania 1).
Gotham _ .
Greenwich 1)
H anover__
Harrtma >..

150
205
335
295
140

160
210
345
305
145

Jeilcrsonll.. 145
L ibertv____ 575
LI ncoJ h ____ 40 >
Manlmttanl! 335
M ark't& lul 250

65)
150
240
030
285

575
155
260
045

Mercantile
Merch Excn
Merchants .
Metropolis 1
Metronol 'n f

Sid
575

155
165
179

375
198

Ask
58:

Banks
Mt MorrlsU.

Eut
250

155

N assau__
New Neth d
New YorkCc
New York
19th W ard.

300
'--10
800
305
170
280
t376

425
345
273
165
170
400
205

B a r k ____
Beople’s 1>
BlazaU_____

Aik
260

315

hja
Banks
Rrod Lxch \ 170
ieaboard __
Second ____
slier m an__
State 1!____
I2tn U ard.

415
385
l.io
250
1 0
175
Un on Exc. 170
i\ ash H’ ts 1» 275
West Side i t>50
Yorkvifie 1. 500

Al*
178
400
275
180 ’

• •Bid ami asked prlco-c no sale) ware m aio on tills day. 1Ex-rights. §Less than 100 snares. tStatc banks. a Ex-dlvldond and rights. b New stock
tSalo at Stook Exchange or at .auction tills week, ft Flret Install ncnt paid, n Sold at private sale at this price, i 2d paid. \j 3d paid.
•
.




New York Stock Record— Concluded— Page 2

1620

STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
June 10

Monday
June 12

Tuesday
June 13

Wednesday
June 14

Thursday
June 15

Sales of
Eriday
June 16

Week
Shares

STOCKS
N E W Y O R K STOCK
EXCHANGE

[V O L . L X X X X I I ,

Range lince January 1.
On basis of 100-share lots.
Highest.

Range for Previous
Year (191").
Lowest.

Highest.

Industrial&Miscellaneous

247
245 245 *241 248 *240 248 *240 218
235 Jan 20 §245 Apr 7 §235 Dec §270 Jan
100
9
9
9
9
*9
9% *9
91.1
9%
7% Apr 18
934 May31
325
15 Jan
llis-Chalmers
7*2 J’ ly
32-84 32-84 *31% 33
33
25 Apr 21 34 hen 3
*31% 33
30
30
600
5434 Ian
27 Aug
Do p rel____________
693g 69
70% 70
70% 6934 70% 70
71% 129,400 Amalgamated Copper—
9034 ,*nn
59 >8 Apr 18 7 U4 J ’ne 16
55*8 J 'ly
59% 59
59% 5£% 68% 57% 5734 57% 57%
41> Jan
6 ) Mav 1
700 Amer Agricultural Chem.
35 J ’ly
49l2 Oct
*102
* 101%
*102
*102
*102 ___ +102 ___
99*4 Apr 103 Jail
Do pret______________ 10134 Jan 27 103 Feb 7
56% 55% 56% 55% 56
65
55% 5534 54% 55% 64% 55% 36,300 American Beet Sugar-----3934 Jan 12 5si3g j ’ne 10
24 J ’ly
47*4 Jail
*99% 10134 *99% 101
*99 101
100% 100% *100 101% *100 101%
r2% dan
100% J ’nc 14
89 J ’ly
100 Do pret______________
95*2 J ’ne
*93% 95
*91
95
95
95
97 Fee 27
*9312 95% *93% 95
*93% 95%
82*« Oct
100 Amer Brake Shoe & F d y . 90 J an
91*2 Nov
*133 134 *133% 135 ♦132D 1341? *132% 131% *132% 134% *132% 134%
133 Feb 23 119 J ’ly 13ID NOV
Do pret______________ 12»is Jan
678 I no
8'8 Jan
12*2 May 9
11% 11% 11% 11% 113S 11% 11% 111? 11% 11% 11% H% 2,720 American Can___________
1378 Inn
887s Maj 23
87% x85% 86
77 Jan
62 J ’ly
86*4 87% 87
6,000 Do pret....... ............ —
87% 87
82*4 N o v
87% 86% 873,s 87
*55% 56% 56% 5684 56% 56% 56% 8- 8 56% 57% 56% 57% 1,700 American Car & Foundry 50i4 Apr 24 57*2 Feb 8
7278 ja il
39*2 J’ly
118 118 §116% 1161; 116% 116%
*115 118% 118 118 §118 118
600
Do pret______________ 114% Mch 13 120 May 23 109 J 113 120 Mch
4 u4 May 2 023s Feb 28
52% 51% 52
5,350 American Cotton Oil____
52*8 J ’ly
6934 Mch
*5312 54% 53-84 5334 53% 537g 52-34 53% 51
*99 102
100 100 *97 102 *98 102
100 Do pret______________ 100 May2(5 105*2 Feb 10 100 Dec 107 Oct
*100 102 *100 102
237 237
210 American Express______ §224 Jan 11 §255 Jan 27 §230 Dec *320 Jail
240 240 §240 210 +238 210 *238 240 *238 240
434 47g 1,100 American Hide & Leather
47g 5
334 Jan 25
5 J ’ne 14
43g 434 *4% 4%
3 * 2 Sep
*4% 5
4% 4%
8ig Jan
19 Sep
20 Jan 10 2u5g J ’ne 14
26% 26
26% 26% 26% 2,500
477g „an
24*8 24% 24% 24% 24% 25% 26
Do p r e f . . . ----------------1638 Dec
1734 Jan 17 251•>Mch 14
23-3g 4,025 American Ico Securltles.
20 20
23% 23
21% 21% 21% 21% 22
20 20
29i4 Mch
II 84 11-84 *11
10*8 J ly
12 * 11% 12 * 11% 12
*1114 12
12 *11
100 Amerlcan L in se e d ---------- 10i8 Apr 21 1234 Feb 14
1734 ja n
30 Apr 21 31 Feb 14
25*2 J ’ ne
4G7g Jan
*31% 33% *31% 3-3% *31% 32% +31% 32% *31% 32% *31% 32%
Do pret______________
3534 Apr 21 43*4 May22
29 J ’ly
4134 4134 42
423., 42
42% 423g 1,850 American L ocom otive—
42
42
42
41
413,
6212 Jan
200 Do pref______________ 104 Apr 18 IIOI2 Jan 13 102*2 Aug 115 Jau
*109 111 *108 111 *109 111 *109 I l l
110 110 *109 111
3*4 Dec
*4%
434
4*2 Jan 18
*4% 5
*4%
5
100 American Malt C orp-----3*s Feb 17
5
5
+4% 6
8 Feb
*4%
*4%
28*2 J'ne
31*2 Men 8 30*2 Jan 25
36
35
35% *34% 35%
400
*35
36
48 Moh
35% 35% *34% 35% *34
Do p ref______________
82 J ’ly
88% *88 88% §88% 88%
50 Amer Smelters Sec pref B 86 Mch 8 89 Feb 2
*88 88% *88 8HD +88 88% *83
9078 Jan
613g J'ly 104 Jan
8334 82% 837g 82% 83% 80,825 Amer Smelting & Refining 70% Apr 18 X37g J ’ ne 15
83% 83
81*3 81% 81% 82% 82
98*4 J ’ly 11234 Jan
107 10734 10734 108% 107% 108
*106 107
2,200 Do pref______________ lUJ'sJan 3 108 2J ’nc 15
106% 1065g *106% 107
*250
*250
*250 ___ *250
___
250 J ’ne
325 May 23 245 Nov 285 Apr
*260
*200
American SnulT___. . . —
*97%
*102
*102
----- *96 100
104 May 8
97% J ’no
102 Deo
95*2 mi*
+J7
* 97%
Do pref______________
42% 42% 42% 42% 42% §43
38 J ’ly
42
43
*42
43
3934 ADr
6212 Feb 9
G6 Jan
1,550 Amer Steel Found (new ).
*41% 43“
12034 1217s 12012 121% 120% 120% 6,100 American Sugar Refining 113 Jan
120% 1207g *120% 121-8g 120% 121
122*2 Feb 27 111*8 Oct I27i2 Fob
119 119
*116 120 *117 119% §118 118
119 119 *118 120
310
119*2 Feb 14 111*2 DCC 124 Fob
Do pref______________ i l l Jan
152 1523g 151% 152-8g 151% 15134 151% 152% 151% 15178 151% 151% 14,934 American Teleph & Telcg 140U Jan
153*8 J ’no 8 12G34 J ’ly 1433g Fob
97
x95% 9534 *95
97
95*4 95
95% *95
9934 Mch
96
10
May 18
♦95% 90
1.000 American Tobao (new), pf 9312 Jan
90*2 J ’ly
33*4 *33
34
*33% 34
33*2 33% *33
33% 33% 33
30>2 Jan
3012 Mch 21
800 American W oolen
39*2 Mch
25*8 J ’ly
33%
95
95
06
95% 957g 95-% 96% 95% 96
90*8 Dec 104 Mch
8812 Mch 29 96*4 J’ ne 15
9473 95% 95
2,500
Do pref______
29% 29
29% *29
29
*29
2734 Mch 17 3412 Feb 15
*28
29% *28
200 Amer Writing Paper, prf.
29% *28% 29%
4(>84 40% 41% 40% 41
39% 3934 40
4l
4II3 4034 40% 6,900 aAnaeondaCopper P ar? 25 $3618 Apr 18 $4Ug J ’ ne 13 53312 J ’ly 554 Jan
347g ()ot
21 J nc
*32*8 33
*32% 333g *32% 33
33
20*s Mch 14 34>, Apr 0
33% 33% 34
33% 3334 2,500 I Jethlehem Steel
49 Aug
59 Jan 3 64*2 Apr 7
65 Jan
63% 63% *60% 63% *60% 631? 62% 0334 62% 6334 63% 63% 1,200 • ’
Do pref____
14434 14434 +144 145 *143% 145
144% 144% *142 144
300 Brooklyn Union Gas____ 135 Jan 3 145*2 j ’nc 8 125 J ’ly 16412 Jan
*144% 145
J
ue
8
Jan 8 lU-% Feb 1
103. *934 1034 *10
934 9-%
10-84 *10
18*8 Jan
1034 10
10
250 Brunswick T e rm * R y Sec
*10
28 J'ne
Feb 16 31 Mch 30
33 Jan
31
31
31
Butterlck C o____
*29
*29
+29
31
*29% 31
31
*29
*29
4834 Jan
25*4 ’ly
Apr 24 33*8 Feb 2
52% 321., 32% 31% 32% 31% 31% 9,950 ( 'cntral Leather
32
317» 317g 317g 32
98H Apr 22 105 Feb 10
400 '
99*4 J’ly 109*4 Mch
Do pref____
1017g 1017g 101% 101% *101% 102% *101 102% 1007g 102
*10134 103
24% 24% 24% 24% 247g 2434 2434 7,000 rfChlno Copper____Par $5 S2l% Apr 7 $253i MaylO
2334 24% 24
24% 24
28I2 Apr 22 3638 Feb 6 22*2 J ’ly
60 Jan
1,900 Colorado Fuel & Iro n __
35% 34% 35% 347s 35%
34% 34% 34-84 35% 34*4 3484 35
5,500 Consolidated Gas (N Y ) . 1353j Jan 3 148 ' J no 6 12212 J ’ly 1603g Jan
146 146
147 147% 146*g 146*4 147 147% 146 147
*147 148
13% Jan 10 1534 May 17
23*4 Jan
l l l 2 J ue
*1434 15
147g 15% 1434 15
15
15%
15% 15% 15
15% 5,550 Corn Products R efin in g..
703g j ’ly
8G3g Jan
74i2 Jan 10 85 May 29
*82
84
628
83
83% 83% 83% 8334 833s 83%
Do pref
84
83
*83
323g Jan 11 38*4 Mch 1
3634Jan
25*4 J ’ly
*3 684 37% 36*4 37% 37
2,010 Distillers’ Scaurlties Corp
37
37
37
37% 37% 37% 37
12 Oct
30
3434 347g 34
32
32
1,200 Federal Mining & Smelt’g 1734 Jan 28 36 Feb 16
GO Moh
*27
28
30
33
28
35%
37 Oct
4812 Jan 11 66*2 May 19
6334 63
88 Jan
64% 64% 6534 66
66
66
60
1,835
65
63
Do pref
*61
162% 163% 163 163% 7,400 General E lectric______ d *14..is Mch 3 16838 May29 134 J ’ly lG07a Jan
163% 164
163 164
161 1847g 163% 164
S734 Oct
6i2 Jan 14
77g Jan 3
6% 6%
6
6
6%
89*4 Sep
6
6%
6
6% 6,245 Goldfield Con M . Par §10
6%
6% 6%
125 Jan
4,800 nt Harvester stk tr efts 109 Jan 3 1293s Mav 6 s83*8F«b
124 124% 124 124% 122-84 123% 121 123
123 123
123 123
900
Do pref stk tr c t f s .. 122*4 Jan 3 128*4 May 4 xll7 Aug 129 Jan
124 124
121% 121% 124% 124% *123% 1247g *123% 1247g
124 124
438Apr 20
4*4 *4
434 *4
434 *4
434 514
57* Jan 30
4%
5% 53s 4,435 Int Mer Marine stk tr ctfs
7*2 Jau
4*4 J ’l J
*4
243g Jan
12% J ’ly
15% Jan 17 1834J ’ne 16
17% 17
Do pref______________
18% 18% 1834 11,100
*17
17% 1734 1734 17% 17% 17
1134 *11
l.j3s Jan 31
12
12
9 J ’ly
*11
*11
12
918 Apr 27
International Paper_____
*11
16 Jan
*11
11% ♦10% 11%
4 « s M a yl 6 663g Jan 17
*49
50
60
*49
60
4U2 J ’ly
60
400
6H2Jan
Do pref______________
49% 49% 60
49% 40% *49
4134 42% 42
4234 42% 43
646g ja n
42
42% *42
38i2 Apr 18 44 Feb 8
42% 3,950 Internat Steam Pum p___
3058 J ’ly
415g 42
90-88 90
9034 ja n
78*2 J ly
8412 Jan 26 601* J’ne 12
90% *89% 90% *89% 90
*89% 90
010 Do pret______________
? 90
*80
90
107-84 1083s 103% 10878 108% 109% 1087g 109% 33,100 Laclede Gas (St L) c o m .. 102 Apr 18 114*2 Jan 20
9 3 3 4 J ’ ly
107% 10734 107% 108
116*2 Jan
79 J ’ly
90
90% 90% 90
*89% 91
*89% 91
400 Mackay Companies_____
E0 May 13 95 Feb 2
98 Oot
91
92
91
92
7884 Oot
71 J ’ ly
Do pref______________
884
74% J ’ne 16 77 Mch 7
74% 74% 74%
74% 74U 74% 74% 74*g 74% 74% 74% *74
21% 2134 10,376 dMlaml Copper___Par $5 SI8I4 Apr 18 $22 J ’ n e 15
21% 217S 2134 22
20% 20% 20% 20% 20% 21
100 Aug 119*2 Doo
1,800 R a t io n a l Biscuit
117i4 Jan 10 141 Apr
136% 136% 136% 137% 1377g 1377g 137 137
135 136
*134 138
124 Jan 20 130
Do p ref.
200
. . Feb 4 *1834 J ’ly 125 ja n
128% 128%
*127% 129 *127% 129 + 127% 128% 128% 128% *128 129
14 Sep
18h May29
*17
18
*16
17% 17
17
400
18
18*2 Meh27
28I2Jan
17% 17% *16
*16% 18
84 Oct
85 Jan 6 90 Feb 18
92
*86
02
92
*S8
*80
92
Do pref____
*86
9012 Jan
92
93
*80
*88
603g Apr 25 69 Feb 2
67% 56-% 57
4612 J'ly
6,450 National Lead.
56% 57% 57% 5734 57
8958 Jan
56% 57
66
66
10134
J
’ly
*107%
10934
§10934
1093.,
IO
5
I
4
Mch24
*10734
109%
109*2 Mav22
Do pref____
20
110*2 Jan
*107% 109-84 *107 10934 *107% 109*4
20% 29,550
$1712 Apr 19 $2114 J ’ne 14 517*2 J ’ly $228g o o *
19*4 20% 20% 21% 2034 21% x20
19% 20
19% 19%
75
73
74
59 J'ne
*70
08 Apr 27 74*o May 18
74
74%
74
700,
*71
9512 Jan
74
1*70
73
*70
64 Jan 10 7634 May 18
75Sg 76% x74% 7434 74% 74% I.iool
60*8 N ov
84 Jan
i. 75% 75% 75% 7519 *75% 76
26% 27% 27% 27% 27% 27%
227g J ’ly
23lg Apr 24 29*2 Jan 4
43*4 Jan
27
1,900' P acific Mall......................
1 26-84 26-84 *28
27% *25
44 Jan 3 54% Jan 31
60% 51
30 J ’ly
§50% 60% 60% 51%
aclfio Telep & T e le g ..
6134 51
1,457
46*4 Jan
60% 61
51
*51
106% 105% 106% 100% 106% 1063s 106% 106% 106 106
106% 106% 1.705 People’s G L A C (C hic). 103 Apr 6 109 Jan 19 103 J ’ly 11088 Jan
84 J ’ly 106i2 Jan
*1131* lift *115 117
*113 116
113 113
100 Philadelphia C o(P lttsb’h) 100% Jan 3 118*2 J ’ no 3
17i4 Jan 3 23U J ’ no 6
22
13 J ’ly
2734 ja n
+21% 22% 2134 22
1,400 Pittsburgh Coal Co______
22% 22
2184 21*4 2184 2184 22
6734 Jan 4 88*4 J no 1
00*4 J'ly
6,700
Do pref______________
87
85 Jan
86% 87
87% 86% 87
8512 86% 85% 85% 8534 87
3012 Jan 3 37*4 J ’ne 5
25 J ’ly
517g Jan
2,600 Pressed Steel Car_______
36% 37% 37
37
37
36% 36% 36% 36% 36% 37
*38
9214 Jan 3 102 *4J ’ne 16
90 J ’ly 107*2 Jan
uo o re :____________
1007g 102% 102 102% 10234 10234 2,280
1007g 1007g 101 101
101 101
Pub Service Corp of N J . 11618 Jan 31 120 Feb 7
*119 120 *119 120 *119 120 *119 120 *119 120 *119 120
297 Pullman Com pany______ 159 Jan 3 163 Jan 30 155 J ’no 200 Jan
*161% 162% *161% 162% §162 162 *16134 162% 162% 162% *161% 162%
28 J ’ly
31 Jan 11 39 J ’ne 14
6178 Jan
38% 39
38-% 387g 3734 3734 4,800 l> allway Steel Spring___
37% 37% 37% 3734 37% 38
92 Jan 3 103 J ’ lie 15 x90% Sep 107 Jan
128 • » Do pref____________
103 103 *10234 105
* 101% 102-84 *101% 10234 *101% 10234 §102 102
18% 18% 18
18
18
18% 9,820 dR ay ConsCopper Par $10 $1512 Apr 19 $18*2 Mayl8
17% 173s 17% 18% 17% 18
35*4 Feb 6 27 J’ne
457g ja n
81
30% 30
30
30% 30
*30
31
30% 31% 30% 307g 12,800 Republic Iron A Steel___ 29i 1 Mav.il
8234 J’ly 104*4 Jan
92is Apr 26 993s Feb 1
96
Do pref______________
96
410
96
*95
96
*95
98% x93% 93%
95% 95% *95
192
Feb 6 150 J’ ne 190 N ov
144
ears.
Roebuck
A
C
o_
_
144%
136*2
May
20
866
*143
145
*142
144%
142%
142%
*144
1451?
145% 146
S
48*4
Dec
6
6
*4
Feb
6
86I2 Jan
900 loss-Sheffleld Steel A Ir 49 Apr 22
50% 61
62
*60% 52%
60
*49% 50% 60
62
60
*60
43% 44
42% 43% 42
40,725 dTennessee C o p p .Par $25 $32 Jan 11 $44 J ’n o 13 $1934 J ’ly $405g ja n
43
42% 42% 4.384 4278 44
41
121 125 *115 120 *115 118
1,750 Texas Co (T h e).................. rll5 J n o 15 136*2 Feb 1 134 Oct 144 Oct
125 *_ __ 124
* ___ 125 *
63 M ch. 9 OG’ s J ’ nelS
8,950 U nderwood Typewriter.
91
9Ug 91% 91*4 91% 94
037g 96-% 93% 95
91
91
Do pref____________ 103 Mch !l 113*2 J ’ ne 10
880
113 113% 113% 113% 112% 112% 112 112 *111% 114 §112 112
0 J'ly
13*4 Jan
734
734 734 *7
9 Feb
100 Union Bag A Paper
734 *7
7 MaylO
73, *7
7*4
*7
734 *7
621g Dec
73 Jan
*37
69
*57
69
603s Apr 29 69*2 Jan 30
*57
69%
Do pref_________
*57
69
*57
69
*57
69
96 Aug 122 Jan
107 107% 107 107% 107% 107% 2.060 United Dry Goods C o g.. 100*2 Jan 27 107*2 J ’ ne 14
*105% 106% 106% 100% 106% 107
9914 Aug 1137g Jan
108 106
106% 106%
030
Do pref______________ 102*8 Jan 5 107 Feb 18
105% 105% 105% 105% *105 106
*104% 106
14*8 J’ly
32 Jan
15 Jan 10 19 Fob 23
U S Cast I Pipe A Foundr
*16% 177g *10% 17% *16% 17% *16% 173g *16% 18% *16% 18%
49 J’ ne
84 Jan
50 Jan 16 i61 Feb 23
40
Do pref______________
J59-84 69-84 §59% 59% *57% 59% *67% 691? §59-% 6934 *57% 69%
§93*2
Deo 145 Jan
§105
Jan
27
95
Jan
*97
99%
*98
100
United
States
Express___
100
110
9984 99-84 *98 100
+98
§99
99
6134
J
’ly
8H4 Jan
700 U S Realty A Im provem ’ t 65*g Jan 26 7934 May 29
7734 7734 77% 77% *77
77% 77% *76% 77% *76% 77%
78
27 J ’ly
36 Jan 6 4778 Mch 1
40% 40% 2.000 United States R u b b e r ..
40% 41
5212 Jan
*40% 41D 40% 40% 40% 41
40% 41
99 J ’ly 110*2 Jan
109*2 Jan 18 1147g Apr 10
114 114 *113 114
300
Do 1st pref--------------114 114
*113 114
113% 113% *113 114
6912 J ’ly
+70
78
200
79 Mch 1
72*2 Jan 31
*76
78
Do 2d pref--------------84 Jan
77
78
78
77
*78
*76
78
*76
783s 79Sg 450,560 United States Steel-----713gJan 3 82*g Feb 6
GUs J ’ly
91 Jan
77% 78% 77*g 78% 78% 791? 78% 80
77% 78
I I 6I4Jan
Do pref--------------------1207g Feb 4 110i2 J’ ly 12538 Jan
118% 118% 118% 118% 118 118% 118% 118% 118% 1183, 118&8 11M| 3,060
47% 48% 48% 40-84 49% 51% 61% 62% 50% 5134 z50Zg 51*4 87,230 dUtah Copper— Par $10 $425g Apr 19 $52*8 J ’ne 14 t$393g J ’ne $6014 Jan
557g J’no 10 70*8 Feb 28
5634 68% 55% 671. 29,800 Vlrglnla-Carollna Chem.
47 Feb
6934 60% 59% ,60
5984 60
68% 69
60*8 Oot
200
122lg Apr 22 128*2 Mch 16 117 J ’ly 129*4 Jan
Do pref
127 127 *126 130 £12712 12712
*124 127 *124 127 *124 127
371 \ \ T ells Fargo A C o ..
§150 Jan 18 177 May26 1441Z Dec 195 Jan
174 174
f 175 175% §175 175
173% 174 §172% 173 ♦171 173
80-84 81% 80% 81% 80
80% 7,010 VV estern Union T e le g ..
8134 82% 81% 8Us 81*s 82
7iss Apr 18 8412 May24
66 J ’ly
78*2 Mch
761; 10,777 W cstlngh’seEl AMfg assen 647g Apr 19 79 May29
76% 751, 78
771-. 76
77
75% 76% 75% 75% 76
8212 Jan
49*2 J’ly
Do 1st pref..............
116 Jan 14 123 Jan
*110 118% *140 118% *110% 118% *110% 118% *110% 118% ♦Hill, 118%
110 Mav 130 Feb
*241 247 *241
*83S 9
*31*2 33% 33
675a 68% 68%
59% *58
*53

BANKS AND TRUST COMPANIES— BANKERS' QUOTATIONS.
Banks
Brooklyn
Broadway §1
Goney Isl’ dV
First ______
H llislileH ...
Homestead^
lla n u fa c’ rs'
Mechanics '1j
Montana . .
N assau____

But
385
290
410
225
___
....

1rust Go’ s Bid
N Y City
fi’ way T r . . 142%
285
300
400
Central T r.. 1000
170
150
155
158
105 Columbia . . 300
310
145 Co inmerclal luO
135
125
E m p ir e __ 300
115
Kqult’ ble Ti 500
425
I rusl Go’ s
Farm Lo&’l ___
240
F id e lit y __ 220
160
N Y City
____ As t o r _____ 347% 3S71- F u lto n ____ 300
690
hankers’ Tr 075
Ask

Banks
Brooklyn
Nat C it y ...
North Sftle ij
P e o p le 's __
Frosp’ctFk*

nut

A sk

Ask

1rust Go’ s
Guar’ ty Tr.
148 Guardian Tr
1 >50
H u d s o n __
310
Knlckerb’ ki
110 Law T lA T r
310
Lincoln Tr
61; 1* Manhattan
1525
Mercantile .
230
Metro pot’ t’ n
M utual____
Uut Allnce

Bid
810
135
140
285
245
125
400
725
475
132%
125

A lt
320
150
2J5
135
__
_
130

Irust Go’ s
NY Llfe&Tr
N Y Trust.
S a v o y ..,.
Standard Tr
T ltleU u* Tr
Tr Co of Am
Union Tr . .
US Mtg& Tr
Unit States
vVashlngton
Westchester
Windsor _ .

Bid
1100

Ask
1120
025
95
410
495

400
485
37 1
1230 1250
48 >
475
1150 1175
375
360
15 1 160
98
95

1 rust Go's
Brooklyn
Brooklyn Tr
Citizens’ ___
Flatbush . .
Franklin
Hamilton _ .
Home ____
K.ngs Co . .
L Isl L 3c Tr
Nassau___
People’s _ .
tjuecns Co.

But

A lt

440
120
200
180
236
100
605
315
155
300
100

450
130
215
195
275
no
325
105
310
120

•Bid and asked prices: no sales on this day. § Less than 100 shares. tEx-rlghts. hNewstook. c Ex-dlv. and rights, d Now quoted dollars per shaft
tSale at Stock Exchange or at auction this week, s Ex-stock dividend. IBanks marked with a paragraph (1) aro State banks.




New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. 1 1909, the bxohange method of quoting bonds teas changed, and orioes are now a ll—"a n d interest” —sxispi for tneome and defaulted bonds.
'

BONDS
N. Y. STOCK E X C H AN G E
WRICK ENOINO JUNK 16
l , n. « mi %e I'liiiieiu
P 8 2a consol registered.dl930
P 3 2s consol cou pon ....(11030
p 8 3s registered.............fcUilS
V 8 3s coupon................... /cltHS
P B 3s cou small bonds..£1918
U 3 4a registered................1326
U S 4s cou p on .....................1326
U S Pan Can 10-30 yr 2s./cl930

Price
hrmae
June '6

Week’ s
bangs or
Last bale

bangs
la '
Since
4 4 January 1

BON D 3
N. Y. STOCK E X C H A N G E
W kkk E nding J unk 16

II

Price
frid a v
June 16

Weekfs
bangs or
Last bale

So1

bangs
Sinct

135 r; January 1

High Cent ol Ga BB—(Con)
b ia
Dip/ll b o Low H igh
Ask Low
3d pret income g 6s stamped.
1**1%
97 .........I 85% Oct '10
Chatt lu v pur mou g 48.1061 J-ti
101®,
Feb’ l l!
5*7*8 87%
........
87*s
MaeJb Nor B it 1st g 68.1046 J-J 106 ........ 166% Mar’ l l
101 % 102 102
103%
i 106%
Mid Ga db A tl B iv 6s___1947 J-J 163*, ........ ll 16 Nov’05 . . .. i*106 H
102*.
...........
Mobile
Lily
1st
g
6
s
.
....1946
101% J ’l y ’ lo
J-J 109®, I in % 160 Mhv*11 ‘.„ 1 168% 100%
Cen BBdb B o tG a c o l g 6s 1937 M-N I0 l», 167 101 % A p r’ 11 . . H>1% 102
10 114 116
115% 1 16% U eutoi N J geu’ ig o lu 6 s. 1987 J-J 122% Sale 122% I 92 %l, 1 122 123%
Begiatered................. *1987
122 I 22*, 122% May 11'.
. . . . 100% 100%
! . . . . 122 128%
Am Book ib Imp gu 6 s ..1921
106S 107 Hi 107 *s M a r 'll .
107% 108%
I
F oreig n O oiern m en i
Be <& Hud It gen g a g 6s 1920 J -J 103*,
Beil
db
Wilks
1
1
Coal
6
s..
1912
Argentine—Internal 6s of 1309 M-8 » 07% 0708 87*a
160% Apr'1 ll
M-N 166*3
07% 09
100% 100%
97>a
N Y db Bong Br gen g 4s 1941 M-B
Im nonai Japanese Governin'!
99%
99% B e o ’ 10
1 93% 95*. Cent Pacino bee Bo Paoiuc Co
; sterling loan 4 His.......... 1926 F-A I 04% £1%
2(1 senes 4%a................1926 J J
90%! 12 87% 92%
13 93% 96% CentVermont 1st gu g 4s.el020 Q-F
00 Hi Sale 96
94% 043e
Chas ib oav bee A tl Coast Bine
> Sterling loan 4 s ............1931 J J . 88®, 89 Hj
87% 90
d ie s db Ohio golu 6s.........01911 A-O
Bepubot Cuba 6s exten debt.. M S U O lH. 102 >4 103
100 N ov’ 10
. . . . 102% 104
Gen funding db impt 6s. lt’29 J-J 104 % 105 104% J’ lie’ l l
; External loan 4 % s........ 1949 F-A ' 98 s, 99
102% 100%
90
1 97®, ldl)
__J 97
1st consol g 6s................. 1939 M-N 112% 112% 112% H2*,
a Pauio(lirazil) trust 5s 1919 J-J
111% 113%
97% 97 Hi
97%
Bogistered.....................1939 M-N ........ 112 % 111*, May’ 11
S ol M exico s 1 g 6s ol 1899
4 95% 98
* 9 0 Sale
111% 111**
96
General gold 4 His............ 1992 M-S 101% Sale 101% d l * , 17 160% 102
F Gold 4s ol 1904................ 1964
901, 92H>
91
94%
Begisiered.....................1992 M-8
100 May’ l l
100 100
\T hese a re pr
asis o f $5 to &.
S ta te and City S ecu rities
Convertible 4 H»8 ............ 1930 F-A
96% Bale
96%
*.'6% 166 94
07%
N Y City—4*48...................1900 M-S 103 Bale 102*, 103 274 100% 103
Big sauuy 1st 4 s .............1941 J-D
| *7
85
87*3, 87 May’ Jll
89
coal B lv B y 1st gu 4s ..1946 J-B
rects lnt fro Jan 24 196o Al-S 104% aan»
85 May’ l l
85
85
83
86
, *4 101 2103 100% 104%
i 4%s
"
Craig Valley i s t g 6 s....1940 J -J 162®,........ 102% A p r’ 11
4% Corporate Biot ic.......1969 tvi-N luo lo o t, 100
102% 108
54 98% 100%
100
Potts Creek Br 1st 4 s ..1946 J -J
00 Jail ’09
; 6% Coruorate Block ....1 9 6 8 M-N 100% Salt 100
10U>« 2 7 08% K>h%
86*, 86
B Co A BlV 1st Oon g 4 » . .1989 J-J
i N ew 4 His..........................1967 A1-N 109 feue 108*4 109*« 120 106% 109%
95% J’ ne’ l l
96% 96
95% 06
N off 4 % s.........................l .•17 M-N 102 Hi........ 102*4 102
2d consol k 4 s ................1V89 J-J
17 101% 103
00% £2%
06
02 % 92% J'n e’ l l
Warm Bpr Val 1st g 6 s.. 1941 M-8 108 108% 113% r e u ’o6
4%% Corporate Btoclc ..1967 M-N 10«*% 109 ioa®, I09*t
1 106% 109%
Greenbrier
By
ls
t
g
u
g
4s
’40
: 4 %% aesbssmt bonus___1917 M-N 102-*, 103 102*4 102*4
0 1 0 2 103
86 ......... 05 O o t ’ 10
M-N
4% Corporate Btoeic___1967 M-N lo o lo o t, lo o t, 100*4 10 98% 100% Clue da A lt B B ret g 3 s...1949 A-O
73%
72% 73», 73% May’ 11
b a ilw a y 1st lieu 3 His... 1060 J-J ........ 68% 63
N Y Btate—Canal Im pt 4s.lUiiO J -J ♦ 106*4 . . . . . . 100*4 j ’ ne’ l l . . . . 104% 106%
68
71%
Begisiered.....................lyOo J-J
Bo Carolina 4 Has 20-40........193«i J-J
98 ........ io»*4 J’ly *io
76 Oct ’00
Chic tsurldb y —Lieu v D 4 » 1922 F-A *99% *99% 99%
Tenn new settlement 3s.. 1913 J-J
97
98
97 May’ l l ___ 06
09%
97
09
99%
Illinois B lv3*as.............. 1949 J-J
Virginia fund uebt 2 -3 s...l9 9 r J-J
8 6 % ........ 80%
8(5*4 2 86
87%
88
8?*, 88
87% 88%
80%
Begieterea.....................lii-io J-J ♦87 ......... 88 S e p ’ 10
6b deferred Brown Bros otts.
68*4 Sale
68*,
69*« 99 40
07 %
Ills Biv 4 s ....................... 1949 J -J
0i*%
99% 99% 90%
09% 100%
R a ilro a d
Iowa B iv suik luud 6 s ..l 0 l o A-O 165 % Bale 105% 105%
106% 106%
Bulking iunu 4s.............1919 A-O
Cent bee Bo By
99*i 90% 09*3 May’ l l
09% 99%
A luoania
Nebraska Extension 4 s .1927 M-N
labaM nli bee A t Coast Bine
99
96% 00%
99
99% 00
R egistered.................... 1027 M-N
Albany db Busa bee Bel db Hud
9 8 % Mar’ l l
08% 98%
Boutnwestern B lv 4 s ....iU 2 i U-S
Allegheny Valley bee Penn Bit
00
90
99 ........ 90 Feb 11
Allog db Weal bee Butt B * P
J oint bonds bee Great N ortb
Ann A rbor 1st g 4s.........7(1996 ()-J
Beueuture 6s................... 1913 M-N 101% Bale 101% 101%
82 Sale 82
13 78% 86
82
4 161 101%
4 toll T<fi> B Fe—Gen g 4s. 1996 A-O
General 4s........................ 1968 M-S
96% 70;I 96% 08
99 Sals
087«
99 158 98
96% 96% 96%
99%
> Begiatered........................1996 A-O
977g M a y'll . . . . 07% 98% Ciucdb e 111 ref da im pg 4s 1955 J -J
81%
82
lyi 81
83
81% 82
Adjustment g 48...........A1006 Nov
1st consol g 6s..................1934 A-O 1 2 6 % .... 127 Jan ’ l l ....1 2 7 127
01% 92
91*4
b l Hi 20 90% 92%
lteg islored ................. 7(1996 No
General consol 1st 6 s .... 1937 M-N 110% 111 111% 111%
♦90 . . . .
2 169% 111%
92 J a n ’ 10
■ stamped...................... 7(1996 M-N
Begisiered.....................1037 M-N
91*, *6*i 90% 92%
01% 01% 91t,
108% -Mar'll .. .. 108% 108%
Ohio db in a C By 1st 6s. 11*36 J-J 100% .
Conv 4s issue of 1909...1966 J-l) ........1 1 0
1 0 9 % M a y ll ,...! 109% 110%
114*4 J’ no’ U
106 1 '4%
Oonv g 4s..........................1966 J-I) 113% saio 113% 116 A 363 106% 116% Chicago db Erie bee Erie
Couv 4s (issue ol 1910). i960 J-D 104% sale 104*, 106*4 1212 102% 106% Ohio Gt W estern 1st 4 s ...1969 M-S
85% 86%
66%! 42 ! 84% 86%
85
10-year couv g 6s ........ In 17 J -l 114 sale 114
115*4 336 108% 116% Guio rude uouiuv rm o s ...lu 4 i J j 127% 128 128 May’ l l ' ....I 127 128%
..
Beluiuliug gold os.......... 1047 .J-J
98% Jan ’ 10
Debentures 4a Series J.1912 F-A
107% 111 111 n p i ’ l l ___! ;l l l
111
B ela u d in g 4 s Series C ..1 9 i 7 i j .j
99*, May’ l l .. . J 00% 99%
Herles K.........................1913 F-A
95 .........I 95% A pi ’ l l __ I «5
95%
UUUloV A A db d l i s i o s .i u l 1 f -A
East ok la Di v 1st g 4 s ..1928 M-8
06*4 97** 96*4 J’ne’ 11 . . J 00% 97%
........ 100% May’ l l ,...,1 0 0 % 100%
Bliorl Line 1st 4s g ........ 1968 J-J
03®,
037* 24 92% 04% Ohio Ind db Sou 60-yr 4 s..1066 j . j
98s, 94
92%' 92
02
02
6 1 92
93%
8 Fe Pres db Pli 1st g 6s. 1942 M-S 103% 100% 109 hi May’ l l . . . . 100% 109% UUioMil db Bl P term g 6s 1914 J-J 102% ........ 102% J ’ne’ l l .... 102% 102%
General g 4s series A . ,<1939 J -J
tl K nox db N bee B db N
98%
09
98\ sale
801 98% 00%
t tianuo
Begistered...................<19»9
Coast 1st g 48.7(1952 M-S
95*4 Sale OS*#
96®, 36 93% 90
99 *» J a n ’ i i ...J «8% 99%
General g 3 His series li.elud'd
Ala Mid 1st gu gold 6s ..1928 A1-N 1077s 109 108 Mai’ l l •••• 108 108
7 86% 88%
87%
67%
87% 89
Bruns db W 1st gu g 4s .. 1938 J-J
2 5-y rd eb en 4 s ................1934 j - j
06*4 Mar’ l l . . . . 06% 96%
96*».......
02%
92% 14 92
93%
92% Sale
Ohio db B au B iv g 6 s....1921 j - j 106% lu7%
Charles db Bav 1st g 7S..193U J-J 1 3 8 *,.......
'106*3 107
10/% 106% May’ 11 .
L <&N coll g 4s..............ol962 M-N
d u o db Mo Biv B iv 6a...1926 j - j 109% ........ 108*», a pi ’ l l ....'1198% 109 '
04 *4Sale
04
94
*3*9 92% 96%
d u o db P W 1st g 6a.......1921 j - j 107% 107 % 107 h. J’ne'i 1
Bay F db W 1st gold 0 s..l93 4 A-O 128 128 126 J ’no’ l l . . . . 124% 120
1 0 6 % 107%
Bak db Gt Bo g 6a.............1916 j -j 103 % 104% 103% .03%
la tg o ld 6s.....................1934 A-O 111 ....... U0»4 May’ l l . . . . 110% 111%
2 103% 103%
Bubuque B iv l e t s ! 6a.l*d2U j - j 11.8% ........ 114% May’ l l
97 Hi May’ l l . . . . 97% 97%
SllH pO cadbG g u g 4 s ..1918 J-J
00 100
114 114%
nai do ouu aaau g os....... 1924 j - j 116% ........ '117% Jan ’ 11 ___iiii7% 117%
Atlantic 4b Donv bee Boutli By
EaCrosao db B 1st 6 s ....1919 j - j 105% ........ 105% B e c’ lo
Austin db N W bee Bou Paoilic
Wisdb Minn B lv g 6s___1921 j . j 106% .........106% A p r’ l l
T ia lt db Ohio prior 1g 3 %S.1026 J-J
02*s Sale
100% 107%
02*6
- 13 92% 93
Mil db N o la l cons 6 s....1913 J-B 103% ........ 103% F e b ’ l l
D Begiateroil................7(1926 Q-J
91
92*4 01 HiMay’ 11
103*4 103®,
01% 91%
Extended 4His..............1913 J-B 100%
Gold 4 s ........................... 7(1948 A-O
98*4 Sale
31 08
98
09%
R egistered................. /(1948 %-J ........ 93*4 08 Alay’ l l
110 Bale 110
110
97
98% Cluodb a orim v cons 7s___1916
l l 109®, 112
Pitts J uuo 1st gold 6b. . . 1922 J J 1121, . — 112*4 D e o 'io
Extension 4a.........1886-1926
98
09®,
07 7« 98% 09% A pr ’ l l
P Jun 4b M JJ1V 1st g 3 %al926 M-N
Begistered.......... 1886-1926 F-A ................... ! 99 M a y'll . . . . 97
88*, May’ l l
67 Hi.......
08%
87% 83%
i P B E d b W V aS yaref 4el941 M-N
General gold 3 *aa............1987 M-N 86% 87%' 86%
9 1Hi Sals
87%
1 88% 88%
OlHi
91% ia 91
92%
, Boutiiw B it 1st g 3 % s ...1026 J-J
B egistered............... .plUtiT
...................I 93% A p r'0 9 1 .
01 Sale
01
01*4 26 88% 91%
5
B
egiatered..................
A1926
Gonerul 4 s ...................... 198<
80Hj A p r’ lu
88*4 90
08% Bait
98%
98% 36 08% 00%
( Cen Ohio B 1st O g4% s..l03u
aiuauig tund 6 s ...1879-1929 a -O 111% ...........112 J a n ’ l l ! __: 112 112
98 ....... 103 Mar’ 10
Cl Bor 4b VV cou 1st g 6s 1933 A-O
Begiatered.......... 1879-1929 A-O 1 10 % ...........111% -Nov’oO ....I
110 D ec’ 10 : : : :
; Mouou Blv 1st gu g 6 s ..1919 F-A 102*4 105 102*g Feb’ l l
Sinking luud 6a...lS79-1929 A-O 107% 107% 107%May i l l ___ |106 107%
1*0*2*%i*02%
l Ohio B lrer B B 1st g 68.1936 J-L) 109% ....... IOOh. A p r’ l l •••• 10W% 10*J%
Begiatered.......... 1879-1929 A-O 1 07 % ........... 107% May 11
107% 107%
General gold 6s ............ 1937 A-O 106 108 100 Hi May’ 11 ___ 107 100%
Debenture 6s...................1921 A-O .........106% 106 i e o ' l l
106 106
: Pitts Clev 4b Tol 1st g 6s 1922 A-O 113*4....... 113*4 Pen’ l l •••• 113% 113%
Begiatered.....................1921 A-O
100% beO’ IO
! Pitts 4b West 1st g 4 s ...1917 J -J
Binkuig lund deb 6s....... 1933 M-N 108%
U7%Feb’ U . . . . 07% 97%
0 7% .......
109 A p r’ l i
108% lo 5
Begiatered.....................1933
M-N
1 Stat Isl B y 1st gu g 4 %a 1943 J-D 80 ....... 100 N ot’04
107% 108%
107®, ........ 107®, A p r’ l i
eeoh
Creek
bee
N
X
c
db
ll
MU
B
B
db
West
1st
g
6s
1921
M8
115 116%
116%
116%
Mar’
l
l
114®,
f ellev 4b Car bee Illinois Cent
E xt db im p sfund g 6s 1929 F-A lu9% ........ I l l May’ l l
109% XU
Ashland B iv 1st g 6 s.. 1925 M-S 117% ........ 142% F eb’02
Bruns 4b West bee A tl Coast B
Mich B lv i s t g 68......... 1924 J -J 117%
Builalo N X 4b Erie bee Erie
.. 118 Jan ’ l l
iT a " ii3**
Ohio Bock lal db Pac 6 s ...1917 J -J 109% UO ilO0% J u t ’ l l
112% 118
109% 110
Buhalo It 4b P gen g 6 s ...1937 M-S 118*4.......
Begiatered.....................1917 j - j 100 % ........ 100 Aug’ lo
108%108%
Consol 4 % s...................... 1967 M-N 108*4.......
General gold 4s................1988 J-J
. . . . 97
07
07
U8%
97 % 100
. A l l * West 1st g 4s g u ..1998 A-O
97% 13 06
07% 97% 97
01 4a Mall 1st gu g Gs___1943 J-J 1 0 8 t,....... 103 J ’ly ’os !
Bogialerod.....................1988 J-J
07% 08®, F eb’ 10
. T, t 114% 114%
Refunding g 4 s .............. 1934 A -o
Booll * Pitts 1st g Os...1921 F-A 1 1 4 t,.......
89% Salt i 89%
00%
*88% **0*6‘ *
Consol 1st g Us............ 1922 J-O 110V,.......
CoU trust Senes J 4 s ....1912 M-N
07% J ’l y ’ in
. . . . 110% 116%
, Butt eb Busq le t rot g 4S.U1961 J-J
72
M -S................................1916 M-N
96% **07%
96% 9*7 %
i B u r O B & N bee C It I 4b P
N 4s................................ 1916 M-N
06
90% 04 Bee ’09
/ tan Bo 1st ext 6s ............1913 J-J 102 Hi Sale 102*» 102% 18 102% 103%
94% May’ 10
O 4s.................................1917 M-N
95%
VJ2U 6a................................ 1913 M-8 100*4 101*t 100 7s 100%
04% J ’ue’ l 1
91*, 94®,
P 4 s................................ 1918 M-N
94*.
1 100% 101%
Begiatered.....................1913 M-S
100*, J a n ’ l l . . . . 100% 100®,
Chic it X db Pao B B 4 s ..2002 M-N
76% 621 72% 77
70% Sale 76%
b
*
Bhawu
bee
111
Cent
74% 74%
M
N
74% F eb’ l l
Begistered....................2602
E oluia Cent bee Beab A ir B
R 1 A rk db Eouls 1st 4 *ss 1934 M-8
03
04 1 94 r u e ’ l l . . . . 93% 94
thage 4b Ad bee N X C & U
BUT C B db A — 1st g 68.1931 A-O 111 ,
112 May’ l l . . . . 111% 112%
Ced B la b 4a N bee 11C li * N
Begiatered................. 1934 A-O
120% Mar’o 3 ___
Oon liraucn By bee Alo Pao
CitlFdb N W Ig tg u 6 s.l9 2 1 A-O 105
106% F e b ’ l l . . . . i*o*6% ib*0%
112% 114%
Oent ol Ua B B 1st g 6a..pl046 F-A
M db Bt B 1st gu g 7 s ..1927 J-B ♦ 102®,
Consol gold 6s................. 1946 M-N 108 108*4 108
Ohoo Ok db G geu g 6s .01919 J-J 102®, 108 102*, May’ l l
102% 102*4
108*4 a 107%109
Registered.....................1046 M-N 105 108 ,113 A pr’06
109% 10U%
Consoi gold os.............. 1962 M-N 107 108% 109% F eb’ l l
100 108
(00 103
. lstp re liu o o m e g 6 s ....p l9 4 6 Oct
Keok db lies M 1st 6 s ....1923 A-O 101 102% 103 J ’n e 'll
.
Stam ped................................
100% 106% Jhio at e db N U bee 1U ce n t
2u prei income g 6s ___pl046 Oot
. . . . ! 96 106% Jluo Bt E db Pitts bee Penn Co
08 105 100
100 100
. 2d pief Income g 6s stamped
JillO Bt P M db O COU 6S...1936 J-D 124% 126% 125
124 126%
125
03 106*4 100
8a prei income g 6 s ....p l9 4 6
8 8 % ........ i 03 Deo ’ 03
Cons 6s reduced to 3*38.1936' J-B
<22 86 102
08 > 08
100
97

r

l o o t ,........ 1 0 1

May’ l l

b o Low
101%
101
T-T-* 102
. . . . 101%

w

Ti

H

n
til

til

iUlsCEDBAMKOUSi HONB.-»—Continued on N ext P a ge.
S treet R a ilw a y
Brooklyn ltap Tr g 6s....... 1946
J 1st refund conv g 4 a ....2002
D k C ltvlalcou6a.1016.1941
Bk (g (Jo db B cou gu g 6s.l941
; 15k Q Co db B 1st 6 s .......1041
Bklyu U u E l I s t g 4-6s.l96o
Stamped guar 4-6e___ I960
' K ings Co El 1st g 4s___1049
Stamped guar 4 h ........ 1949
Nassuu Elec gu g 4 s . . ..1961
Conn By db C ls ld b r e fg 4 % s ’61
Stamped guar 4 % s ........ 1961
Det United 1st eon g 4%a.l032
Havana Eleo consol g 6s. 1062
Inter-M et colt 4 %s............I960
Inter Bap T 6s Her A . . ..1062
ln teruat Trao coll tr 4 s..1049
Manila Elec 1st db coU 6s. 1063

A-O
J-J
J-J
vl-N
J -J
(■-A
F-A
IT-A
KA
J-J
J-J
J.J
J-J
FA
A-O
•i l l
J-J
M-8
| sN o prloe Friday; latest this week.




103*, 104 103®, 108*.
86% salt
86%
86
........ 102% 101% J 'n s 'll
98 D e o 'io
101% 102%
100®, 102%
84% 81®,
8 4 % .......
80 Sale
101*, 1087,
102 Bait
........ 82%

102
102
102 May 11
84% D oo’ l
H4%
85
70%
SOH*
101%A pr 11
102
T«a
S2 %
82%
97 Mar’ l l
78%
79%
*7*b% Sale
104*-.
108% ln4% 104
07 % Mar’ lo
........ 80
98 May’ou
90
(JFlat*. «D u e Jan d Duo

S treet R a ilw a y
Met St lty gen ooi tr g 5s.l997 F-A
ltef g 4a............................ 2002 A-O
Bwaydb 7tli A v l s t o g 6 s 1943 J-D
C o l* 0 th A v l s t g u g 6 s.1093 M-S
Bex A v db P F 1st gu g 6a 1993 M-S
100 % 102%
Third A ve BB cou gu 4s 2000 J-J
100®, 102
Cent T r Co certfa atmpu...
Third A ve lty 1st g 6 »..1 03 7 J-J
82% 85
N Orl By db Bt gen 4 %s .. 1936 J J
78
81
Bt Jos By Bt U A P 1st g 6s *37 M-N
101% 1 0 1®. **i Paul City Cab oon g os. 1037 j . j
101 102
Tn-Oity Bydb Bt ls t s f 6s. 19 23 A-O
80% 8 2 % underground of Bou 6 b...102(> M-N
94% 07%
4 %s....................................1933 J.J
78% 80
Income 6 s........................ 1048
103% 104 H u uion El (Chlo) 1st g 6 s ..1946 A-O
United Rya St B 1st g 4s. 1034 J-J
United Kits Ban F r s f 4 s .1027 A-O
Apr (U u o May p B u e J ’ne A B u e J ’ly fcBuo Aug
102 104
82% 80%
101% 103

73% 79
79 J ’ne’ l l
45% 48
........ 78% 48 May’ ll
101% 102*4
101 102% 102% J ’ne’ l l
100 J a u l l
100 101
99% 101 100 A p r ’ il
99% 100
69%
09*-.
60
70%
68 3*1.
68% 70%
63
70%
100 111
ioa®, no 109% 109®,
84
86%
86 May’ l l
08 N ov’Os
- 8.7..
106% ..... 106% A pr 11
i'u’o*" i*o*0%
97% 99
98% 98% 98% J ’ue’ l 1
98 A p r’uO
*9*6% **9*i5‘ *
95
"9*6** Safe 96
65
05%
38% 65%
66
07
84 Oct ’08
76% 81%
A us’ 10
6 68
72%
70
69% 70%
eD ae Oot p B u e N o v * Option Sals A

1623
BONDS
N. Y. STOCK E X C H A N G E
W krk K n-wnu J une 10

New York Bond Record— Continued— Page 2
3 2
•54.

Price
fiYidav
June ’ 6

Week’ s
Ranqe o-r |
Last Sate |

Kanqe
Since
January 1

E
a

Cliic St V M * O—( Con)
*">
Ask l.oy
Huj/t .Vo /.o,0 H 10h
O h b t P * Minn lslgO a 1918 M-N 123%........124 May’ 11 .... m
126%,
N or Wisconsin 1st 6 s ...1930 J-J 123% 120 129% Mav’dO . .. ................
a t P * 8 City 1st k (is...1UU) A-O 112% 112% 112% J’ ne’ l l .... 11 1% 11 v %
Oh,ic* West I no gang 0891032 Q-M 109 ........ 1109% I o n 1*
1 109 109%
Consol 60-year 4s............1952 J . J
93 93% 02% 93 j 10 9 2 % 93%
Clue * VV Alien bee Pore Marq
Choo O * Call See C It 1 * P
c m h * u un iron! 4 % s...i9 3 7 j - j 101% 101% 101 % M a y'll ....1 0 1
101%
Oln liib 1 1st gn g 5 s ...1041 M-N 103 % 105 103 Mar 11 . . . . 102% 1U4%
0 Find * Ft W Istgu 4sg .’ 23 M-N
33% 00
88 .M ar'll
33
38
Cin 1 <S> VV 1st iru g 4 s.l0 6 3 J-J
88 May 11
88 . . . .
88
88
Iml D e c * VV 1st g 6 s ... 1935 J-J 105 . . . . 105 May’ l l
103 105
107% Deo 02
1st guar gold 6s............1936 J-J
C I tit L & t bee (J O (J *& L
Oln a * c see u c c at e
Oleartlelu * Alan see H tt A P
Clev Cin O & .M L gen u 4s 1993____
04% 04% 94%
94%
93% 95
Cairo Uiv 1st gold 4s___1939' J.J
92 Feb'11
*92% . . . .
02
92
93% Deo 10
Oln VV * .\i Div 1st g 4s. 19911J- J
91
93
St E Dlv 1st col tr c 4 s.. 1090 M-N
92% A p r 'll
91% 04
02% 94
90 . . . .
9 1 Get '07
Registered.....................1990 M-N
9(5 Dee'09
8pr A Col 1)1v 1st g 4 s ..1940 M S
90% .
91% D eo’ in
W VV Val Dlv 1 stg 4 s ... 1940 J-J
O l l i t L A C consol Os.. 1920 M-N 1U0 .
100% J'ne’ 1 1
100% 100%
95% ,
97 Mar’ l l
1st gold 4s................... *1930 Q-F
90 97
94% .
R egistered.............. *1930 Q.p
90 Aug’ 10
Gin a «b Cl con 1st g 6 s.. 1928 j . j 107 .
100% J au’ l l
ICd 108%
0 0 O A 1 consol 7s.........1914 J -D 107% .
107% M ay'll
107% 107%
Consol sink (und 7 s ....1914 J-D
General consol gold Os. 1934 j . J 123
125% F o b 'll
120% 123%
Kegisiered..................1934 J.J
1ml B l * W 1st prel 4 s .1940 A-O
' 94” j*iy"’08
0 Ind * VV 1st |)t 6 s ...01933 Q.J
91% 92% 92
Peo * iinsl 1st con 4 s ...1940 A-O
02% 10
93
47 J’n e 'il
45% 47
Xncouiels...................... 1990 Apr
01%
Clev * Marietta see Penn Kill
Clev * Pitts see Penn Co
8 1 Sale
84
84% 23 02
Col Midland 1st g 4s........ 1947' j j
09
Colorado * Moil 1st g 4 s . ..1929 F-A
95% 17 94% 97%
96% 96% 95%
98%
98% 27 97% 98%
9b% Sal*
Refund * exl 4 % s .........1936 Wl-N
ITt VV A Den C 1st g 03..1921 J -D ........ 112% 112% J’n e 'l l . . .. 112% 113
Cotuin * Greenv see s o Ky
Uol A Hock Vai see Hook Val
Col * Tol see Hook Vai
Col Conn & Term see N * VV
Conn A Pas Kivs 1st g 4s. 1943 A-O
100 May’10
Qaba K K 1st 60-yr 6 g ___1962 J . j
3 tan a o t ao see C M & at Pi
U alias a Waco see M K * X
Del H a ck * Western—
M o m s * Essex I s t 7 s ,..1 0 l4 M-N 108 108% 108 May’ l l
108 108%
1st consol guar 7s.......1915 j . d U0% ...
110% H0% 20 110%111%
111% D oo’ 10
negistered................. 1916 J-D
91 Jan ' l l
90 .......
1st ref gu g 3 %s.......... 20U0 J -o
91
91
N Y L a c k * W 1st Os...1921 J .J 114% 117 116% J’ne’ l l
116% 110%
Construction 6s.......... 1923 F-A 1 07 % ....... 107% May’ l l
107% 107%
99% J ’ ne’ l l
09 .......
1’erui & improve 4s___1923 M-N
91)
99%
8 7 % ....... 102% Feb'03
Warren 1st retgug3%s.2UOO F-A
116% 110
Del * Huu 1st Pa liir 7 s.1017 M-8 116% 110 110% May’ l l
149 Aug’ Ol
Kegisiered.................... 1917 jj-9
09% LOO
09% 100
7 98% 100
10-yrconv deb 4s.......... 1910 J-D
101% 101% 101% 101%
2 101 102
1st lieu equip g 4 0iS___1922 J .J
98%
03% 9>% 98%
1st A re! 4 s ...................... 1943 M-N
98% 100%
94
94
93%
94%
93% 94%
Alb * aus oonv 3 %s....... 1910 A-O
123% 124%
Kens * Haruloau 1st 7 s .1921 M-N 122 ........ 124 May’ l l
Del Klv Kit Bridge See Pa UK
03%
93
C3% 93
93
94
Denv * it Gr 1st con g 4 s . 1930 j - j
Consol gold 4 Sis.............. 1930 J-J 1 00 % ........ 101% D ec’ 10
100%101
Linproveoieui gold 6 s ...1923 J -1> 99% 100% 100% May’ l l
90%
01 %i 15 90
90% Sale
93%
1st it refunding 6s........ 1965 F-A
104% Mar’ l l '
194% 104%
Bio Gr J uuo 1st gu g 6 s .1939 J -D
91 % A nr’ l ] 1
76
01% 01%
Itio Gr ao 1st gold 4s. ..1940 J - J
80% 85 Mar’0.31
Guaranteed................... 1040: J - J
90% J ’ne 11
90
90
92%
Bio Gr West 1st g 4s___1939 J .J
84% 83% M ay'll
83% 86%
A lgeanacoi trust 4sA . 1949 A-O
97 J u u ’uy
Utali Cent Istg u g 4s a l9 l7 A-O
...............................................|
Des Moi
Ft D see M * at n
110 Hop’04
Des 61oi Uu tty 1st g 6 s..1917 M-N 100
94 S e p ’ 10
98
Dot A Mack 1st Ueu g 4 s .1996 J-D
94 J ’ne’ l l
95
93
80% 94
Gold 4s............................... 1996 J-D
74 O c t ’ 10
Dot Bo—U B DlV 1st g 4s. 1941 M-a
1 107 % 109
Dul
iron Kange 1st 08..1937 A-O 107% 109% 107% 107%
10b% Mar’Ob
b
K egisiered....................... 1937 A-O
104 F eb ’ U
104 194
2d Os..................................1910 J.J
Dill abort Bine see Nor Pao
Dul ao anore A A ll g o s ..1937 J.J 106% 109 108 J a n ’ l l
J 108 108
L 'aalot Minn see at P M A M
1 just le u Va * Ga See Bo Ky
108%Nov’ 10
Elgin Jol A bust 1st g 68.1941 M-N 110%
lm C on As A o see D e li* N Y
f rie
tsi consol gold 7 s ....1 92 9 M-S 118% 120 120 May’ l l ...J 118% 120%
101% J’ ne’ l l
. 100% 101%
N Y * Erie is i uxtg 4s 1947 M-N 101 %
105% May’ l l ...J i.04% 108
2d ext gold Os................ 1919 u - s 100%
103 % •>'») ’ 11 . . . . 101% 103%
3d ext geld 4%a.............1023 M-S 104
4tn ext gold 6s..............192U A-O 100% 107% 100% May’ 11 . . . . 105 100’4
99 ^ J ’ue’ l 1 ....jj 99% 99%
99%
5tii oxi gold 4 s ............. 1923 J-D
N Y E E d o W i s t g fd 78.1920 .M-S ....... 120% 118 c e l '10
08% "42 84% 88%
88% sale 88%
Erie 1st con g 4s prior..1990 J-J
83 % May’ 11
82% 83%
Kegisiered................. 1990 J-J ♦84%
7b %
79 169 73% 70
1st consol gen lieu g 4sl990 J-J
78%
85% Feb’07
Registered..................1900 J-J
Penn coll tr g 4s........ 1951 F-A
88%
«s%
1 80
88%
87% 90
89% 306
50-year conv 4 •A ....1 9 5 3 A -o
73 80%
88% Sale 8«%
77%
7b% 458
69 78%
do
aeries B.1053 A-O
77% sale
111 I 2 110% 1 11 %
Bull A Y A Erie 1st 7 s..1010 J-1) 111 sule 111
112 | l 111% 113
Clue Cc Erie 1st gold u s.. 1932 M-N 112 Salt 112
111 A p r’ l l
.. I l l
111%
UlOV * .Million Val g 08.1933 j-J 110%
124% May’ l l
.. 124% 125
Dong Dock consol g Os..1936 A-O 121 %
C o a l* Bit is ic u r g u Oa. 1922 M-N 104% 106 114 A pi tl>
tU0%.Jan ’ l l
100% 100%
D o c k * Imp 1st cur Os.. 1913 J-J 101 %
...................
N Y * Green n gu g 6 s .1940 M-N 101 ........ 00%-Nov’ lO
101% 104%
N Y B u s * W 1st rer 6s. 1937 J-J 103 195 104% J’lie’ l !
100% Deo’Ob
80
2d gold 4%a................... 1937 F-A
83 % *84^1 87% Feb’ 11 .. 85% 87%
General gold 6s............ 1940 F-A
.. n o
no
Term inallsl. gold 6 s...1943 M-N 109% 111 n o May’ l l
.. 110% 110%
Mid ot JN J 1st oxt os ..1940 A O 110 110% 110% ■>!...’ l l
2 99% 101%
Wllkoa Ea 1st. gu g OS...1942, J -D 100% 101 101% 101%
1 110% 110%
Ev * ind 1 stoou g u g b s.. 1920 J - J 1 110 112% 110% 110%

BOND?*
N. Y. STOCK E XCH AN G E
W rick
J une 10

[V O L . L X X X X I I .
hrxce
b ri<1ay
June 16

Erie * Pitts see Penn c o
Evans A L' H 1st cons 08.1921 J .J
istgenerm gold 6s .........1942 A -o
Alt Vernon 1st gold B s..1923 A-O
Bull Co Branch 1st g 6 s .1930 A-O
D argo db Bo see Cb i l * at P
« lint * Pere 31 See Pere Alar
Fla 1’ .fc Penin see sea Air Dine 1
Florida E Coast 1st 4 % s..l9 6 9 j . d
Do n a t e D Co 1s 1 g 4 %s. 1941
Ft VV A ltloG r 1st K 48...1928
1 •ai liar <b a A ■ see 80 Cue Co
1 Tal H * H ot 1882 lsto s.1 9 1 3 A-O
Georaiu <S>Ala See aea A Dine
Ga Car * Nor See -sea A Dine
Georgia Pacillo See Ho Ky
Gila V G <& Nor See Bo Pao Co
Gou v * csw eg at See N Y Cent
Grand K a p * Ind See Penn KB
Gray’ s Pt Term See at D a VV
Gt Nor—O B A Q coll tr4s 1921
R egistered.A .................. 1921 , _
St Paul Al A Alan 4 s ....1 93 3 J - j
1st consol gold 0s.........1033 J - j
Registered..................1933 j . j
Reduced to gold 4 %s 1033 J - j
Kogtstered............. 1933! J .J
Mont ext 1st gold 4 s..19371 j - i )
Kegisiered---- •.......... 19371 J-D
E Minn N orD lv lstg 4s 1948 A-O
Mum Union 1st g (3s..1922 J .J
M o n te 1st gu g 0s___1937 J .J
Registered................. 1937 j . j
1st guar gold Cs....... 1937 J .J
W i ll * B F 1st gold 5s 1938 -J-D
Greenbrier Ity See CUes * G
Gull * b 1 1st ref * Cg 6s 61962 J-J
see tl Y iN 11 * il
H oasatonlo
ock Val 1 s tcon sg 4% s. 1999 j . j
itogistered........................io<jp j . j
Col * H V 1st ext g 4 s.. 1948 A-O
Col A Tol 1st ox 4 s ....... 1905 F-A
Uoust E * VV Tex see 80 Pac
H ousl <fe l ex Con See Ko Pac Co
Hous B e l t * Term 1st 5s. 1937 J -J
I uinois central i s t g 4 s..1951 j . j
l Kegisiered.................... 1951 J.J
1st gold 3%s.....................1951 J.J
Kegistered.....................1951 J.J
Extended ls t g 3 % s .......1051 A-O
1st gold 3s sterling.........1961 M-8
Coll Trust gold 48...........1952 A-O
Registered.....................1962 A-O
1st rer 4 s ..........................1955 M-N
Ruroliasedllnes 3% s___ 1932 J -J
B A o * l e x gold 4s ...1 95 3 Al-N
Registered.....................1953 M-N
Cairo Bridge gold 4 s ....1 95 0 J -D
D ouiavD iv*T erm g3% s.l063 J-J
Middle D lv r e g 6 s .......... 1921 F-A
Omaha Dlv 1st g 3s....... 1951 F-A
at Douis D iv*term g3s,1961j J - J
R egistered.................... 196l| J -J
Gold 3%a...................... 1961'J -J
Registered................. 19611J - J
Bprlng Div 1st g 3 % s ...1961 J-J
Western Dines 1st g4H.. 1961 F-A
Bellev * Car 1st Bs.......1923’ J -LI
Curb * 8 haw 1st g 4S...1932 M-S
Ohio a t D * N U g 6 s ...1951 J-D
Registered.....................4951 J-D
Gold 3%s........................1951 J-D
Alornph Dlv 1st g 4 s ...1951 J-D
8t D 8ou 1st gu g 4s___1931 M-S
Ind B l * West A e sO C C * at D
Ind 111 * la 1st g 4s.........1950 J -J
lu t * Great N or l s t g 08..1O1U M-N
2d gold os..........................1009 M-S
Trust Co certfs.....................
3d gold 4s......................... 1921 M-S
Iowa Central is t gold 6 s ..1938 J-1)
Gold 4s...............................U)5l M-S
James F * Clear 1st 4 s ... 1959 J-D
j. ni A * G u See u & * ai a
lYiui * Alien See Tol * O G
i< C Ft 8 * M See 8t R * 8 F
K. C * M U * B See o t D * 8 F
Kan C * Pacillo See 31 K * T
Kan City Bou 1st gold 3 s ..1050 A-O
Registered........................ [900 A-O
Ref * inipt 5 s ........ A pr I960 A-O
Kansas City T ennl 1st 4s 1089 J - J
Kentucky Cent see L A N
Keok * Des Mo see O R 1 * P
Knoxville * OUlo see Bo Ry
Erie * VV l s t g 5s.. 1937 J-J
L ake
2d gold 5s...................... 1941 J-J
North Ohio 1st gu g 6 s..l9 4 5 A-O
D 8ho * Mich 8 See N Y Cent
cell Val N Y 1st gu g 4 %s.l940 J-J
Registered........................ 1940 J -J
Rehigh Val (Pa) cons g4s.2003 M-N
Den V Tor Ry 1st gu g 58.1941 A-O
Registered........................ 1941 A-O
Dell V Coal Co i s t g u g 5s. 1933 J .J
Leh * N Y 1st guar g 4 s ..1940 A1-S
Kegistered........................ 1945 M-S
E 1 C * N 1 st pi B s .......1914 A-O
Gold guar os..................1914 A-O
Leli A Hud R see Cent of N J
Deli * Wilkesb see Ooutot N J
u.oroy * Caney Val See Mo P
uoug Dock see Erie
uoug Isl’d—ls tc o u g 5s./tl931 Q-J
1st consol gold 4s .........7tl931
General gold 4s................1938 U
Ferry gold 4 % s................1922 M-8
Gold 4s.............................. 1932 J-D
Uulhed gold 4 s ................1940 M-S

1Veex’t
g 31 Sange
Knnue or '5 i ' Since
Last sa ‘ r ^ % January l

JKd
Astc 7-mi'
nnj'x No 1.O’1' lim it
i l ’2% ... 1 9% May’ l l . . . . 112%113
102% ...... 1. 2 J ’ lie’ 1 1 .. .. 101 102
K’7 % ........ 114 A pi 0 5 ...........................
95 ........ j 95 J ’ue’UH...........................

07% 98

91)
li
88% Bale

97%

92

83%

98

0

95

98%

83%

1

82%

84%

A uk’ I O .........................

07% 100

97 % J ’ne’ l l ...J

97% 98%

07% Sale
........
*08%
120% ........

97%
98 319
97% J ’ne’ 11 ....
99% " » • ’ ! 1 .. . .

95% 98
95% 98%
98% 99%

100

132
........ 100

A p r’01

95% 98 |
95
98 100% <101 '00
96% __ 09% Jan ’ 1 1
116% A p r’ l l
114
128 i*£9%!

105

100

96% 98%
116% 116%
127 128%

1 1 2 % ........ 112% Feb’ l l .. ..
......... 00%

00% M a y'll

102% J’no'11 . . .. 101% 103%
100% cep ' 1.0
0 4 % ........ 06 May’ l l
95
05 ........ 06 F ob ’ l l
90

102% 103

100 101% 101% Fob’ l l
100% 101%,101% 101%
Vpr’ 07
107% Apr
100
b0% Mar’ l l
89
89 A p r’ l l
89
93% May’ oO
88
80 J ’Jy’09
98% .
08%
98%
99 J’ lio’OO
90
97
90%
96% 0o% 90%
80% 80% 87 F eb ’ l l
98
98% 9a % May’ l 1
95% 97% 94% Jun ’ 11
97 % Feb 1!
90% 98
80% May’ l 1
89
80
123 Alay’99
101% .
70% J’ no'11
70
70% 8 " 75% Jan ’ l l
86% 87%
87
90
111
95
115 117
114% .
85% 8 8 1
93
97
9 4 % .......

87 % May 11
101 % Get ’99
100 Nuv’OO
96% A p r’ l l
117 % .May’ 10
06% Got ’ 10
117 May 11
111 F en’ l l
90 Oct ’09
9.' % Mar’ 10
98 J ’l y ’ 08

101% 101%
100% 103
80% 90%
89
89
98

03%

90%
80
97%
94%
90
86%

98
87
98%
94%
97 %
80%

76% 70%
78% 75%
80

87%

96% 95%
U 6% 117
113 115

90% 96% 96% A p r’ l l
108% 108% 108% i08'.j
................... 121 May’ l l
122% May 11
‘21% May’ 11
101 % 102% 101% l u l l
07 %
08
08% aale
......... 91% 917a J’hO’ l l

00
90%
107% 109
112 121%
105% 122%
J5
24
101 103
03
69
94% 96%

74%
74%
74% Rale
03 Oct ’00
100% 101 100% 101
98% 00% 98 J ’ne’ l l

100%102
96% 09%

109% 110% 109% J’ ne’ l l
104 m 105% 104% M ay'll
109 % ........ 110% M.uj’ 11

108% 111%
104% 104%
108 % 110%

106% 100% 105% May’ l l
101 % Jan ’ l l
104%

105% 100%
104 % 104%
96% 07%
113 114%
113 113

90% May’ ll

i ‘l3% Sale 113% 111%
1 11 % 113 113 Mar’ l l
107 % ....... 100 N oy’OO
U3 % May’ l l
04 .......
102 .
100% .

73% 74%

93% 03%

101% F eb ’ 10
101% Sep ’ 09

HOT* 111 111% 111%
98 ........
92% 91% 90 F o b 'l
98% A p r’ l l
97 100
02
94% 99% Oct ’U0
93 May’ l l
......... 96

110% 112%
90
90%
08% 98%
93

96%

102
87
ill
100

80%
112%
101%

JilSiOEDIjAiSEUUsi HON Da—Continued on N ext P a go .
Hus nnd E lectric Light
N Y G E D U * P g 6 s ... 1948
Purchase money g 4 s ...1049
Ed El Hi 1st cons g o s .. 1995
N Y*(JE1 E * P 1st con g 6sl930
100 i o i
j . j 100% 101
100% May’ l l
N Y * Rich Gas 1st g 68.1921
Hep
’O
b
Paoiflo G * Eleo Co Cal G * E
f -a
100% ........ 96%
106% i'06%
corp unifying * rof 5a lu3'.
a-s 1U5 % 105% 106% M a y'll
Peo gus * c 1st cou g 08.1943
j-D l o l ........ 01% Get 'o l
Refunding gold 6s.......... 1947
F-A
99 101 100 Oct ’ 09
i 93 io 4 %
O h G -D * Oko Is tg u g o s 1937
Vi-N 1 03 % ........ 103% Apr ’ 11
97% 99%
Con G Co of Ch l s t g u g o s .’Do
97% 99% 97% j ’ no’ l 1
A-O
101% 100
Ind Nat Gas * Oil 30-yr 5s ’30
A-O 105 ........ 100 Muy’ 11
113% 116%
.Mu Fuel Gas 1st gu g os. 1947
A-O 1 10 % Bale 11(1% 110%
07% 90
Philadelphia Co conv os ..1919
J -j
89 ........ «9 May’ l l
" c l o l 103% Syracuse Eighting 1st g 6 s.’5}
103
VI-F 103 Sale 103
100 101 % Uiiiou Elec L * P is t g 5 s . 1932
A O l o l % ........ 101% J’ uo’ l l
90
91
M-N
90% 91% 90% J’ ne' 11
Ret * ext 6 s .................. 1933
100% 100% Westchester Eight’ g g 5s.l96e
J-D 104 ........ 100% J a u ’ l l
* No price Friday; latest bid and asked tills week. a. Due Jan 6 Due 1 el) d Due Apr cDue May ii Duo J

(in s uiid E lectric Light
Atlanta G D Co l s t g 6s ... 1947
Bklyn U Gas 1st cun g 63.1946
Builaln Gas l s t g 6s ____..1 9 4 .
Columbus Gas l s t g 6s ___1932
Detroit city Gas g o s . . . . . . 192..
D el Gas Co cou 1st * 6s ,191b
Eq G EN Y 1st con g 6 s ..1032
G a s * F-leo Berg Co e g 6s.l94l'
Ur Rap G 1.C 0 1st g 6 s . ..191..
Hudson Co Gas 1st g 6s. 1949
Kan Gity iMo) Gas 1 st« 5s 1922
K lugsC o El L * P g 6 s . ..193’.
Purchase money 0s.........x99',
Ed El 11 BK11 lstcou g 4s 193)
Lac Gas E 01 at E 1st g os.elU l;
Ret and ext 1st g 5s.......1934
Milwaukee Gas E 1st 4s..D>
Newark Con Gas g os....... 194b




J.D
d-N
A-O
J-J

103 .......
108% 109
69% 03

108%
92%

108%
02%

1 105% i08%
69% 02%

J-D 104 104%
Sale
F-A 89
J-J 111% ........
F-A 101%
04 '*
ort-N

103% 104% 62
89
89 % 21
112% 112%
I
101 % May’l 1 .. ..
97% J’ly ’OU

104%

05% 34 01% 06%
05 Sale 94%
115% Li y s 110 %May’ t 1
116% 110%
102 1 0 2 % 103 J’ no’ l I
101% 102%
103% sale 103% 103% 3 102% 103%
101% 101", 101% Muy’ 1 1
101 101%
90
90 M at'll
00
01%
100% 100%
10(1% Apr’ l 1
•DIM 100%
114% (10 J’ue'li .. .. LU4 110
F-A
98 Aug’ 10
LUO
>T___ i
90 Jan’08
0 s 100
07% 93 Apr’ ll
A.b
93
06%
90
J-D 105% 108 106 May'll
104 105
*
Due
Aug
(/D
uo
Deo
3
Option
Sale
j
iy

M-N

A-O
M-8
J-J
J-D
M-N

Junk 17 1911.]
BONDS
N. Y. STOCK EXPH A VHK
W eek kni>in< J une 10

1623

New York Bond Record— Continued— Page 3
y C
S-

Price
FYirtav
June 10

Week's
Range or
Last bate

3 1 Range
Since
$ i | Janvcvrv

BOND'S
N. Y. STOCK E X C H A N G E
W rkk ENinvn JUVK 16

2

^

a.

Price

Pri'lav

June 10

Week’ s
Range or
Last bale

s2|
®oi|

bio
Lou
High S o . Late liifjtl N Y C e n t * H it—(L on )
So
Ask Low
Hto
104 *2 De<’ ’OH
deecu creek 1st bu e 48.1936 J -J
90*4
5*8***. D eo’ io ...
96 S J ’ 110’ U .. .. 963, 07
Kegmtered.................... 1930 J -J ......... .
99 May’ l l
2d gu gold 5s............... 1030 J .J
lu7 *« .
BeechCr Ext 1st« 3*28 51961 A-O
84*2 .
ins 108
100 May 11
Cart * Ad 1st gu g 4 s ... 15*81 J -O
07*2 07 *2A p r’ 00
Gouv * Oswe lstsru g5 s 1042 J-D
08 May 11
iU S 07 S
Moll * ila l 1st gu g 4 s ..1091 M-S
114 S J’ no 11
0884 .......
lu
lie s
95? *« Mar’ l l
N J Juno B gu 1st 48...1030 F-A
05*2 100 105 >><■ ■ ■ 02
112*» J’ uo 11
1 12 *8l 12 S
00 .......
N V * Harlem g 3*2*...2000 m -N
90S F cb ’ l l
08*2
08*4 49 08 >s 90
5)73, N ov'lo
N Y & North 1st g 5 s ...1027 A-O
108 Oct ’HO
100 ........ 100*4 Feb 11
N V & Pu 1st oou gu g4 s 1003 A-O
97li Fob’ l 1
96*2 07
109 109*4
112*4 113 111 *2M a r'll --r 111 112
Nor & Mont 1st gu g 6 s .1910 A O
131 *2 Ian ’u9
Pine Creek reg guar 0s. 1932 J o
iuo S ........ 105 S May’ 11 ___ 104*6 105 S
122 ........ 118*4 May’ l l ___ 11S*4 118*4
H VV* Ocon Iste x t5 s ./il9 2 2 A-O 107 *2 108 *■ 11U May* 11
(Jswe * a 2d gu g 6 s...s l9 1 5 F-A 101) 105 105 Jan ’ll?
118*4119*4 1 1H*b Feb’ 1 . .. 1 ) 8*4 US'S
a \v * u x a 1 st gu g s s .i o i o m - n 1 0 3 * 2 ........ 104 J 'lie’ 10
06*4 90S 06 S A pi ’ l l
90S 90S
9 6 »«....... 102 S F e b '10
autlaud 1st con g 4*28..194l j . j
100*4 109 106*4 Mar’ i 1
105*4 105*4
80*4 9 0
1 1A feep ’10
OgALCham ls t g u 4 s gl9 4 8 J .J
89*2 May 11
aut-C anadlstgug4s.lU 45* J-J
92 J ue’U9
63 ........ 71 *2 Feb' 11 __ 71 S 71 S
St Law * Adlr 1st g 5s. 19U0 J - J l o s n o
115 J ’ ne’09
02
03*4
92*4 03*4 93 S J ’uo 11
2d gold Os...................... 1000 A-O 115* *« ...... 125 F eb’ OH
112 115 112*4 May" 1
1I2S l l ‘-'S
99*8 100
908,i Mrtv’ 11
106 78 163 106 A p r’ l 1
10<5 106 1 U tlo a * Blk B lv g u g 4 s .l9 2 2 J .J
043, 96*4 01 *2
88*» 00
85) I’ nc’ l )
03 j Lake Shore gold 3*28....1 0 0 7 J-D
94*4 ’2 04
88
80
. . . . . . 103 D ec’ lu .. ..
aegistered................. 1007 J-D
8 h*4 J ’n e 'l l
04*2 "Kalb 91*8
hOa4 00
94*2
h0 May’ l l
88 ill
Debenture g 4s............1028 M-S
93*4
04
93*4 Sale
100 ........ 108S May 11 .. .. 108S 1123a
25-year g 4 s ............... 1031 M-N
I 00°4........
Ka A * (5 K 1st g u c 5s. 1038 J -J 110*2.......
11
1*2
Mar’
ll
Mahon O’l BB 1st 6 s ..1034 J . J 11 1° 8 ......
110*2........ l i d J a n ’ l l
110 n o
l l l °8........ 112S May 11 .. .. 1 LIS 112 s
Pitts es Li L ne 2d g 6 s.al038 A-O U>7>*....... 100 D e c’u'j
01*4 02J4 02*4 May' 11 .. .. 02
Pitts M o K * Y 1st gu 0s. 1032 J .J 123*4....... 130*2 Jan ’OH
04
120 .......
2d guar 0s......................1034'J -J
M c K e e s * B V IstgO s 1018 J -J 108 \
06*2 07 S 07*a J’ne’ l l
Mich Cent 6s......................1031 M-8 110 115 111 A p r ’ l l
06
98®a
aegistered................... 1031 Q-M 105) o8
110 I i.r’06
07*4
07*4 U 5)6S OSS
A O 0 7'*4 Sale
4s...................................... 1940 J .J
03
00 Jan ’ 11
00
•Vt-N
aegistered...................1940 J .J
06
08 D e c'09
J L * 8 1st g 3 S S .....1 9 5 1 II -S3 86*a 88
00 J ’ ne 08
MoK’p t * d v ae« a v Cent
1st g 3 *28 ......................1062 M-N
87
88 May’ l l
Mex Cent cons g 4s.......... 15)11 j - j 100 100*4 100 May’ l l S 6 O0*t 100
31*8 May' D
20-year deb 4s..............1029 a -O
02*4
023s 02
1st cons mo k 3s ........ a 15)35)
26 S A p r’OO
Bat c * Stur 1st g u g 3s. 1080 j - d
2d cons ino g 3s trust rects..
77 Mur’ lu
N Y C h ic * St L 1st g 4s 1037 A-O
09*2 9934 00‘s
Mex lu to rn a tlstco u g 4s. 15)77 M-S
05*34
70 N ov '10
aegistered.................... 1037 A-O ........ 09 *2 100 D ec’ 09
Stamped guaranteed.. .1077 M-S
Debentures 4s............. 1031 M-N ......... 91*2 91*2
91*2
Mich Cent be* N 1 Cent
105*4
W est Shore 1st 4s g u ...2301 J .J 101*4 Oslo 101
Mid of N J bee Erie
aegistered.................... 2301 J-J
08*4 D8*s OJSgMayTl
MU L 8 * VV bee CtUo A N W
N 1 4 Green w Hake bee Erie
MU * Nortn bee Ch M & 8t 8
N V * Hor bee N Y C & Hud
Minn A at L 1st gold 7 s.. 15)27 J-D 129 ........ 130 J a n ’ l l
130 130
N Y Lack * W bee D L & W
Paoitto Ex 1st gold Os...15)21 A-O HO ........ 118 J a n ’O.
N V L K * VV bee Erie
M-N I 06 100 106S l o s s 81 105 S 10!)
1 05
N Y * Long Br bee Cent of N J
M-S
70*4 70*.. 7o*a
71
74
93*2 May’ l l
86 A p r ’ l l .. . . 80
03
04
J-J
8 1 S N Y N H * H—N on con 4 s.’50 M-N
Couv debeu 3*2»............ u b O . j . j
06*2
97
06 *« Sale
97 May’ l l
Oonv debeu 0 s ............... 15)48 J .J
07
08
J-J
05*4 08
132*4 Sale 132*, 132-.
08*2 J a u ’ lt
H ousatoiuc U con g 6 s . . 1037|M-N 112*2........ 112*2 Oct ’ JO
J -J
N H & Derby con oy 6s.1918 m - n 102*2........ 107 Aug’OO
Minn Un bee s t H M *.M
P rovidence s e c deb 4 s.. 1057 M-N
“
~
87 May’ l l
85
87
J-J
06 ........ 0S**i Alui’ l l
5)3 S 5)3 S
971, Sale 97 S
07S 10 Otis 08
N 1 * Nortn bee N Y C * H
J-D
8 1 ^aie
2 83S 86
N Y O & VV ref l s t g 4s..plW02 M-S
SI634
F-A
06*2 Sale 96*2
a e g is $6,000 only.........gl902 M-S
.11-N 100*2 lb3 103 J ’no 11
91 *2F e b ’ l l
101S 103 S
»3
10 78*4 83
N Y * Put bee N Y O * H
M-S
82 *2 e 9 ’« H2 S
N V * a a bee Long island
J -J
H73* Shut. 87*b
87*4 19 80*4 88
N Y S * W bee Erie
A-O
7 0 S ........ 78 Mar 11
78
78
M-N 106 107*2 LOG J'n o’ lo
N Y 'Xex * M bee So Pao Co
6 80S OoS N or * South 1st g 6s.........1941 M-N 103 ......... 103*2 Jan ’ l l
F-A
89*4 00‘s 89 S
»9 S
A-O l o o s HO 110 A p r’ l l ___ 100 110 s N orl * West gen g 0s....... 1031 M-N 124*4 ........ 124 Apr’ l l
M-N 106*2 ‘ 07 108 s 106*2 •2 106S 108
Iinprovem’ t & e x t g 0 s..1034 F-A I’J e8# ........ 126 *4May 11
M-8 104 106S 104 S Apr 1 1
New B iver I s t g O s ....... 1032 A-O 123*4........ 125
May' 11
102*4 104*4
J -D 104 ........ LU3 2 May’ l l r-TT 103S 1U6S
9836
N * W a y 1st con g 4s. 1006 a -O
08*4 Hale 1; 08
M S 104*4 lu5®< 106*4 May’ l l
Kegistered.....................1000 A-O
Jan’l l
103 1U5S
M-N l(>87s 100S 109 S 1U9 ‘4 10 109 111
D iv’l l s t l * g e n g 4 s . . . 15)44 J .J
03
02" ' " 93" 02*2
10-25 year oonv 4 s . ... 1032 J.D 107 *2Sale 1073g 108*4
M-S 10US 101 100*4 101
3 100S 102S
90 Mar’ l€
Pocah C & O Joint 4 s..1041 J-D
M-S
00 *s otue 00 S
00*4
C O * X 1st gu g 6s.........15)22, J - J 106 *„........ 105
F-A io o » 4 101 101 J ’n e ’l l
Nov’ 10
XOOS 102
7g<« sale 78S
78 s
Soio V * N K 1st gu g 4s 1080 M-N
4 76 S 82
M-8
07*4 97*2 07*4 J’ne’ i l
06*2 M a y'll
M-N . . . . 07
9 0S 0 6 S N orth Illinois bee CIA * N W
94 Sale 93
94 228 OIS 0*>8b N or ill Ohio bee L ErSe * VV
MS
92
92
1* -A
99*4 100
98
1 02
03 »4 Nor Pac—Prior lien g 4 s ..1007
02
91
108 Sale
aegistered.....................ioo7
J-U
KMlp 86*2 87 s M ay’ l(J
98j4
90
10
OS >4Sale
General Uon gold 3s___ a2047
J -J .
. 102 110 Alar’OiJ
71
71 *8 81
71 Sale
F-A
007s A p r’ l l
a e g is te re d ................. 02047
06S 97
06** 08*4
70 ......... 00 *2Mat’ l l ---St Paul-Dul Div g 4s___1990
J-J 108*2 1O0S 108 s May'11
HO3, May 111___
t o s s 108 s
97
08
A-O 10738 103 107*4 mo** s i 106 S 108*4
Dul short L Is tg u 5 s.. 1910'
09**........ 99 F eu ’10
111 Sep'on
A-U
O B * (jco U tr4 s bee Gt N or
J-J
85
63 \ 8o *2 *J’ mo’11
St P * N P gen g 0 s ....1 92 3
83 S 87*g
11634 ........ 110*2 J’de’ l '
M-N
aegistered certiflo’s ..l9 2 8
................... I D
F e b ’ 10
16 84 S 86*8
Bo'S SlUe 85 *4 06
. . . . . . 102 S 'J**** ' l l
M-S
St Paul * Dul 1st 5 s ....1031
107**......... 110 J ’ne’ io
i'2034 ........ 120*4 J ’no’ l l
J
2d 6 s ...............................1017
120 122
10 2 *2 ........ 102*4 Fob’ l l
Q-J 115 H 634 115*4 116*4
1st consol gold 4s.........1068
6 115 s 11 6*4
.................. 96*2 A pr’ 10
il-S
86 673,, 87 J ’no’ 11
Wash Cent 1st g 4 s .........1948
90 ......... 91 *» A p r’ 11
86 S 87
Montgom Div 1st g 6 s ..104' F-A l o o s 110 s 110 A p r’ l l
n o 110 s Nor Pao Xer Co 1st g 0 s..1933
i n * « .........m * » J a n ’11
.. 85
81 Mar’ l l
Nor a y Uai bee So Pao
St L * Cairo coll g 4s..«103( Q-F
81
81
Guaranteed g 4s.......... 1031 J-J ♦........ 03 *a 03*2 Mar’ l l
0 3 S 0 4 S Nor Wla bee U St P M * O
A1 * o coll 4s bee Southern
Nor * Mont bee N Y Cent
Mohawk <£>Mai bee N V c * 11
i | Ind * W bee C O O * St L
Monongahela lUv bee li * O
w u i o a i v a a be* uait * o
Mont Cent bee St 1 1 1 4 1 1
Ore * Cal bee So Poo Co
Morgan’ s La & X bee 8 P Co
Ore Short Line bee On Pao
Mo r r is * Essex bee Del L & VV
Oswego & Homo bee N Y (J
Chat * St L 1st 7 s .1013 J .J 100‘S 106 107 s» 107*6
2 10*34 JOGS F ao Coast Co 1st g 6 s ....1 94 0 J-D 105 Sale 100
105
N ash
1st consol gold 5s........ 102e A-O 1107» ........ 110'* J’ uo’ l l
ao of Missouri bee Mo Pao
109 S i l l
J-J 116 ......... 115*6 N ov’ lo
Penn UK 1st real eat g 4s. 1923 M-N 101 ........ 101 May’ l l
J-J 10678 ........ 108S D eo’ lu
Consol gold 5s..................1919 M-S .........108
loO *2Jan ’09
X * P Branch ls t u s ___1017 J -J 106*4........ 113 J’l y ’04 . . . . ...................
Consol gold 4s..................1948 M-N 102*2 103 103*2 J’ne ’ 11
Nash Flor * Shot bee L * N
Convertible g 3*23...........1912 M-N
09
09 *4
09 *4sale
Nat Hys of M ex p r 14 Ss 1957 J .J
00®4 0236 917b
92>i 15 91*8 95*8
Convertible g, 3 *23...........1916
07 *4
.
__ _
J-D
97 ‘e Sale 07
A-O ........ 83 ®S SOS May’11
Consol gold 4 s ................1948 M-N 10334 Sale 103*4 10J34
86
80*4
j.j
’
100*4
Fob’
l
l
A
lleg
vai
gen
gu
g
4
s
...1912
m
b
........ 101
100 <4 100*4
00°8 100*4 9976 A p r’ l l
AO
D a a a * lig e ls t g u 4 s g .’ 36 f - a 100 .......
78
83
3 78S 83*8
73*4
78*4
New 11 & D bee N V N H <fc H
p lilla B a i* VV 1st g 4 s ..1043 M-N 102 ......... 102*2 May’ l l ___
N J Juno UK bee N V Cent
Sod Bay & So 1st g 6 s ... 1024 j . j ........ 102*2 102 J a n '0 3 ___
N Y Bkln A Man Bell bee L
U N J a a * Can gen is.1044 M-S 100*2 102 *a 103*s May’ 10
N Y C e n t * 11 U iv g 3 S s .l0 0 ' J-J
Penn Co—Guar 1 s t g 4 *28.1021 J -J 104 ......... 104
5 87<S 90
87*4 Sale
87 «4 88 S
104
7
aegistered.....................1021 J .J
88
10 86*4 89 S
J-J
8 7 S 88S 88
102*8 Mar’ l l . . ..
Guai 3*28 coll trust reg. 1037 M-S *87**4 ” 1111 00 Aug’ 1J ___
03 S
US'S 18 02S 0 4 S
M-N
03 *2 94
8834
........
7Ul4
7
j
°
s
50
G
uar
3
*
28
Colitr
ser
B
...1941
F-A
7904
sale
70
80S
F-A
88 M a yl 1 ___
Xr Co oertll’s gu g 3*28.1910 M-N
F-A
07*8........ 07*8
*7*8
1
77*2 78S 7 8 S May’ l l
78S 70S
7 8 S M a y 'll .. .. 78
Gu 8*28 tr otfs 0 ..............1042 J-D
F-A
70 *8
7 8 S 70
87*a 00
HI Aug’ 1 0 ___
F-A ........ 78
78 A p r’ l D .. .. 76
G u 3 S s t r c t f a D .............. 1044 J-D
78
88
89*2 01 D ec’09 . . . .

Lone: Island—(L on)
Debenture void 5s.......... 15*34
Guar ref told 4s...............i5*45)
N X B d iJ l B 1st eon g5s li>35
N Y & H B 1st g 6s.......15*27
N orSh B 1st eon g gu6aol932
L ou isia n a* Ark 1st g 5s. 15)27
Loiusv * Mnsliv gen g Os. 11)30
Gold 6s...............................15)37

J-D
AS
A-O
Vl-S
Q-J
M-S
J -l>
M-N
J J
J J
Coll trust gold 5s............15)31 M-N
K 1 U Nash 1st g Os....15)1'.' J -D
LCln<& Ivcx Bold 4 S s ...15)31 .Vl-N
N O 4 ) 1 1st cold O s....1031' J J
N O * M 2d Bold ds.......15)31 J .1
Paducah & Mem div 4s.. 15)40 F-A
Pensacola Div mmi d o ... 192i, r*I- p
8t L Div 1st Bold Os....... 15)21 .VI- S
M-S
M-N
Atl Knox * Nor Isl ti6sl5)4t J O
Render Brtge l s t s ( g 6 s .1931 M-S
Kentucky Cent gold 4 s .. 15)3 J-J
L&N <fe .VI A M 1st g 4 S » 15)4; M-S
L<fcN-.8outh M join t4 s. 15*5' .1 J
N Fla & » 1st gu g bn... 15)3 F-A
NiftO Bdge gen gu g4 Sa 15)4 J ■J
P0113 <& Atl 1st gu g Os..15121 F-A
S <& N Ala con gu g 6s.. 1513 ' F-A
L & J e ll BdgeCo g u g 4 s.. 15)4 M-S
L N A <fe Ch bee C l * ) .
ll/I ahon Coai bee L 8 * M »
lu-anhattan iiy consol 48.15)10 A-O

Ihu
AS*
1(14 11)6',
063* 903,
11)3 -h ........
10274 ........
11/6 ........
06
07*2
llO ’ s lU v ,
112 s ........
08*4 Stilt,

iU IS C K I jL

Coat mill Iron
B ull& Susq Iron s 1 o s ....1032
Debenture 5s...............a 1020
Col u & 1 (Jogun s t g 6s .. 1043
Convertible deb g 6s___1911
Col Indu 1 st* coll os g u .. 15*34
Contln’ talO ls t s t g u 6 s g .l9 5 2
Gr Kiv Coal <& C 1st g 6s .. 1019
Jell <fc Clear C * 1 Istg O s. 1920
Knu<& UUiSiO 1st s tgS s.lO ol
Pocah Cou Collier le ts t 5s.’57
fit L Hock M t & P 1st 6s. 1955
Sunday Creek c o g 63___1941
iTenn Coal gen 6s ...........1951
Penn Div 1st g 6*.......al917
Blrm Div 1st consol 6s .. 1917
Call C M Co 1st gu g 6s. 1922
V lotor Fuel 1st s t o s ........ 1953
iVairon C oal& C olat g 0 s .1949

Low 7/)</'»

00

00*s

0U*8 00*4
07*4 ’ 07*4
107*2 110

85*2 OO'a

09*4 100
88*2 90
88
8834
5*3
U5
02*4 5)4*4
U 0 » 8 lll* 2

111

111

00

00

87

88

91 *2 03
09*6 100*4

9939 0239
100*6 101*2
98*4 100*2

93*4 0 4 1*
05 100*2
132*4 134*4

84*8 87
06
07
04*2 04>s

103*2 103*2
m a s l 2* 0*
126 126*4
125 126
98
09*2
93
08
02
04
100*2109*2
88*4 00*a
06*4 07*a
99*2 100*4

08*4
70*2 7lHi

69*2 60*2
06
06*4
116*2 116*4
102*4 102®«
01*8 81H
11 1*8 11 1*2

106

103

101

10a

103*4 103*2
03*4 00*2
06*s 07*4
103 104**
097e 100*4
102

102*a

103*2 104*2
102*8 10274
8 8*2

07*4

4NKOU8 B O N D S—Continued on Next P a g e

M a nu factu ring A Industrial
J-D
07 S ........ 97
7S3f 78
F o b ’ l l . . . . 00*4 97
Allis-Chalmers 1st 5s........1 9 3 6 J -J
78
7 8S
M-S
80
00
89
May’ l l . . . . 89
90
Am A g Chom 1st c 6s........15*28 A-O
101V Sale 101S 101 *4
F-A 100 ......... 109
100
11 97*2 100
Alii Cot OU ext 4 *28........... 1816 y-F
OH*, 98 S
98 S
F A 100 100s 100 A p r’ l l __ 9.134 100
Deben 6s (interim ctfs*. 1031 M-N
OB'S 9 0S
97
F-A
76
75 S 71*4
70
0 78*2 79*2 Am Hide & H 1st s I g 6s.. 1019 A -8
98*2 100 lJ )9S 100
9 0 S ........ 107*4 D ec’0 4 ........................... Amer Ice secu r deb gOs.,1926 A-O
F-A
7434 77 <4 76
76S
00 ........ lOOOg A p r’OO........................... Am Smelt Sscuriti 08s f 68.1026 F-A 104*4 Sale
A-O
103 7e 104*4
1
J-1)
107 Mtty’0 7 ............... ........... Am Spirits Altg 1st g 6 s . . 1016 il-S 100
101 J’ne' 11
ill 101 \ 105*2 D ec’u e ........................... Am 1’hread 1st 001 tr 4 s ..1919 J-J
J-J
93*8 May’ ’ 1
98 '4 .
J-J
8 3 S 8 5 t 85 A p r’ l l
.. .. 84
85
Am Tobacco 40-yr g 6s ____ 1944 A-O 106 Sale 104:S 165*8
83
81
J-J
84*2 J’ lio’ l l
. . .. 83
86
4s.......................................... 1951 F A
88*4
88*t Sale 87*4
J J
7s F ob ’0 7 ........................... Am W ritg Paper 1sts 168.1019 I-J
00 90S 90S
90S
J-J ........104
103*2 J’ no ’ 11 ... 103*2 104*2 Ualdw i^oco W orks le t 6s. 194> M-N 102*2 . . . . . . 102*8 M a y'll
A-O 105 1053, lOiisAIay’ l l ... 105 105*-. >etli Steel 1st ext 8 1 5 s ..lo * o
063a
06«e Sale
*
06*4
J-J 106 106*i 100 May’ l l .... 104*2106
lent Leather 20-year g 5s. 1025 A-O
90*4 Sate
90S
DOS
J -D 107 n o
110 Jan ’o o ...........................
:ons 1 Tobacco g 4s.......... 1931 F-A
89
88*4
88 S
J -J ........ 88
87*4 May’ 11
... 87
88*2 Cora Prod B el s 1 g 5 s ....l9 3 i vt-N '1)6' 07
97 J ’ n e 'll
M-S
04»4 5)7
06*2
07
2 01*3 07
1st 25-ycars i 6s ................1034 M-N
OOS 06*8 J’no '11
•No prloo Friday; latest bid and asko<l. aD uoJan O D uol'ob c Duo .May g Dim J ’ne h Due J ’ly JteDue Aug o Due Oct »




Range
Since
January l

11 76
79
14 101S 102«,
2 07 S 98*4
20 08*4 97*»
6 06 S 100
7 65
78
147 100*4 104
100 101
02 s 03*8
53 104*4 llO S
i'2‘2 7 0 s 03 S
7 80S 01
102*8 102*4
38 86
98 S
96 08*8 100
*2 81 S 90
06
5)7
05 S 97

1624

New York Bond Record— Concluded— Page 4

BON U S
l~ o '
N. Y. STOCK E X C H A N G E
WEEK KXIHNii JUNE 16

Price
Friday
June 16

Week’ s
Range or
Last Sale

*3

RONDS
I - .J
N. Y. STOCK E X C H A N G E ' 2 *>'
W eek E nding J unk 16
' •S;4*

Range
Since
January

Price
Friday
June '6

[V O L . L X X X X J I,
Week’ s
Range or
Last Sale

Range

^

1 Since

January l

Penney ivauia Co—( t o n )
Hin
Ash Low
High
Low High.
Ria
ASH Low
titan No Low High
93
Guar 15-25 year g 4 s--- 1631 A O 07
98*4
9.3
9734 9S34 Southern—1st con g 5s___1994 J .J 108*3 108*8 K)3Hj i 08»( 66 106% 109 Hi
Cl & Mar 1st gu g 4 % s..l03S M-N 102
104% 110 J a n ’05
Registered....................1994 J .J -------------110 May’09
C l * P gen g u g 4 % sser A .’42 J .J 106% ...... HO3, Jan ’(>9
Dovelop & gen 4s Ser A . 1956 A-O
79 ’4 Male 79*4
80 636. 76
80*4
Series B........................... 1942 A O 10i' % ........ 1093, J’l y ’09
Mob * Ohio coll tr g 4 s.. 1938 M-S
86% 87
83
86*4 86*4 l 1 80
Series C 3 ‘us...................1948 Jl-N 90
.
96 Aug’09
Mom D ir 1st g4H i-6s... 1998 J-J 1093, ........ 109Hj 109*3
2 10834 109 Hi
S enes D 3 %s.................. 1950 F-A190
95
90 M ay’08
St Louis dlv 1st g 4s___1951 J-J
8-3* 83>a 88
88
10 86*3 88
Erie * Pitts xu g 3 %s B .1940 J j \ 90
93
90 *4 A p r ’ 11
Ala Cen K 1st g 6s.........1918 J-J 1073, 1063, 107’ s N ov’ 10
90*a 91
^ S en es C. .....................1040 J .J 90
93
983i A p r’04
A tl <ii Danv 1st g 4s....... 1948 J -J
89 *a........ 90 Hi May’ l l
ooHi 90*a
Gr K * 1 ex 1st g u g 4 % s 1941 J - •i 1 04 % ....... 104*4 Mar’ l l
2d 4 s ...............................1948 J -J
82*3 82*4 82H: Oct ’ 10
104*4 104*4
Pitta Ft VV * C 1st 7 s ...1912 J . J 103 ....... 103Hi Mar’ l l
A tl & Yad 1st gg u a r 4s. 1949 A-O
103% >04
80*9........
2d7s.................................. 1912 J .J 103
.......
1037« F eb’ l 1
Col & Greenv 1st Os....... 1916 J-J 106 ....... ib T * A pr’Vi
10376 103’ a
6*? 7,®...............................A1912 A-O 10‘234 ........ 107 Oct ’08
F T V a& Ga D iv g o s . .1930 J -J 107’ , ........ 108*4 J’ ue’ l 1
Pitts i.fe Asli 1st con 63.1927 Jl-N 107 ....... 109 May’ 10
Cou 1st gold 5s.............1956 M-N 110»8 ........ 110% 1 in*,
^ c C & St 1.XU 4 tjs A ...1 9 4 0 A-O 106 salt 106
106
E Ten reor lien g 5s....... 1938 M-S 106 106*3 106 May’ 11
106 107a4
Senes il guar.............. 1942 A-O’ 106% 106% 106s* May’ l l
Ga Midland 1st 3s.......... 1940 A-O
72
66 N ov’o9
Ki6% 10734
Series C guar...............1942 Jl-N
1<*5%____
107 % D ec’ 10
Ga Pao Hy 1st g 6s .........1922 J .J j 113*8 113% 113% 113%
Senes D 4 s g u a r..........1945 M-Ni
97% —
98*8 D ec’ 10
K n o x * Ohio l s t g Os... 1025 J - J ' ................ 115 s May’ l
91%
A
p
r’
l
l
Senes E 3% guar g . . . . 1940 F -A 1 923, 94
9134 93
vlobdb Bir prior lien g 6s 1945 J - j ! 10534 . . . .
105% N ov’ 10
Series G 4s gu ar........ 1957 M N 0 7 % ......... 9 8 Hi May’ l l
Mortgage gold 4s........ 1945 J -J | 73 . . . .
82 N ov’08
9 8 '8 99 sa
C St L * P is t cou g 6 s.1932 A-O Hi)
113 F eb ’ l 1
H ic h * Dan con g O s....1915 J -J ' 105 106 105 J’ne’ l l
113 113
Pensacola * Atl dee L & Naan
D ebosstam ped............ 1927 A-O 104’ , —
105 Mar 11
Peo & East 6ee C U C * St L
71 Mar’ l l
Rich * Meek 1st g 4 s ...1948 M-N
71*3
Peo * Pek U n 1st g 6s___1921
10S I l l ’s 109 May’ l l
So Car * Ga 1st g 6 s ....1919 M-N 104*, Sale 104*4 101*4
109 109
99
2u gold4% s...................... 01921 Jj
91
93% J a n 'l l
Virginia Mid ser C US...1910 M-S 1 06 % ....... 112 Oct ’06
93 Hi 93
72
Pere Marquette—ltel is .. 1955 J -J
74% 73 Hi •*<»y’ H
se n e s D 4-5s................1921 M-S 104*, sale 101*, 101%
66
7634
Keiunding guar 4 s ..........i965 J .J
74
74*, A p r’ 11
Series K 5 s .....................1926 M-S 1 U6 *8106*3 106 Mar 11
03 Hi 70ae
Oil * VV .u o s .................... 1921 J -D 100*4
100V, A p r’ l l
107% J ’ne 11
General 5s.....................1936 M-N 107%
100 Hi 100’ e
F lin t * PA1 g 6s............... 1020 A-O 100% 110% 109’ g J’ue’ l l
105 *8Nov 10
Guar stumped.......... 1936 M-N
10978 1 1034
1st consol gold 3a.......... 1939 M-N 100 % 105 % 103 M a r'll
Vaus So’ w’ t 1st gu os.2003 J-J 108 Hi......... 1U8 A p r ’ l l
100 103
Pt Huron Div ist g 5s. 1039 A-O 101 102% 102 May’ l l
)lo%
94
96*3 05%
1st cons 60-year 5 s.. 1958 A-O
101 *4 1033,
S a g T u s * 11 ls t g u g 48.1931 F-A ......... 90
91 - ­
W U iS W 1st oy gu 4 s..1924 F-A
91 F eb ’ lO
Phil B & \V See Penn Hit
W est N O 1st cou g 6s..l914| J - J 104% 105*8 104% J’ne’ l l
104HH06 |
Philippine Hy 1st 30-yr s i4 s ’37 J - j
86
87*4 86'a
86 *n 25 86 H» 88
S db N A la See L <S> N
Pitts Oui * s t L See Penu Co
Spokane I utornat 1st g 5s 1 9 5 5 J -J 103 105 i 0 2 Hi A p r’ l l
102 102%
Pitts Cleve * Tol See 11 * o
A ot St L i s t g 4 Hjs..1 « 3 ‘JiA -0 105*3 106*4 105 Hi A p r’ l 1
106*8 10o>3 ’
I er
Pitts Ft VY * Ch See Penn Co
1st con gold 6 a ....1894-1944' F-A 112*4....... 112% Mar’ l l
1 1 2 % 1 1 2 %:
Pitts M cKees * Y See N Y Ceil
Gen refund s 1 g 4s .........1953 J-J ........ 97
9734 A p r’ l l
97
98 ,
Pitts Sli * L E 1st g 6 s ...1940 A-O 11234
112’ , May’ l l
St L M Bge Ter gu g 5s. 1930 A-O 107a4 ...... 108*3 b o b ’ l l
112*3 U 2 ’ g
108Hil08*a
1st consol gold 5s............1943 J .J
i ’ex <fc N O See So Pao Co
93*a J’l y ’ 97
Pitts * West see B * o
T ex <te Pao 1st gold 6a...... 2000 J-D 110 Sale n o
110
1 110 111%
U ending Co gen g 4s.......1997 J.J
97% Sale
2d gold ino 5s...........72000
.Mar 45
65
97*4
98
70 Mar’ lO
96*4 93*4
*-V Registered....................1997 J-J
0 7 *s 98
La Div H L 1st g o s .......1931 J .J 102
97*4 A p r’ l l
*99 *3*99% ;
99 >3A p r ’ l l
07*4 973.
Jersey Cent coll g 4 s ...1051 a 0 ........ 97
W M m W d s N W is t gu 6s ’JO F-A
96 Mar’ l l
97 *a
106 *3hiov'04
06
Rensselaer * Bar See D * 11
Tol
U C 1st g 6s..............1935 j . j 109 . . . . 100 Hi J’n o 'll
108%
i l ' 6% '
Rich * Dan See South Hy
Western Div 1st g 6 s ...1935 A-O 107 . . . . 112 s e p ’69
Rich * Meek see southern
General gold 6s ................1035 J-D 103 . . . .
io i% i'0 3 %
101*3 Mar’ l l
Rio Gr W est See lien * Hio Gr
Kan »fc M 1st gu g 4 s ....1 9 9 0 A-O
9034 93
91% M ay’ l l
00 0 1 %.
Rocli * Pitts See B U * P
2d 20-yoar 6s ................1927 J -J
1*7 *3 98
08 May 11
00*3 08
Rome W a t * Og S een X cent
T ol P « W 1st gold 4 s ....1917 J-J
92*3 96
02%
02
90
92%
Rutland See N X Cent
Tol StLJ* W pr lien g 3 Has. 1925 J-J
89
00*4 h9 J ’ne’ l 1
89
80Hi.;
Tus * 11 see Pere Marq
60-year gold 4s................i960 A-O
73*3 Bale 73
73
Sag
08
74% 1
t Jo * Gr isl 1st g 4 s ...1947 J .J
SB's.
88*4 J’ne’ l l
..........
1917
F-A
Coll
tr
4s
g
Ser
A
78 Bale
86 Hi 8834
78
86
78
8 1 % -i
3t L * Cairo See Moti * d u o
Tor Ham <$ Burt l s t g 4s./il94 6 J-D
90 4 92
89 % J’ne’ l l
SI
90 j
it L * Iron Mount See M P
t e r * Del 1st cou g 6s 1928 J-D 106*3 Bale 105% 1U0
106% 106 1
U ls1st
3 t h J l Bt See X HU A of St L
refund g 4s.......... 1952 A-O
85*3........ 85% J’ue’ l l ... 85*3 85%
8t Louis * S F— ,+eng 68.1931 J -J 11834 119% 118 M ay'll
Un Pao HH * 1 gr g 4s ...1947 J -J 101** Bale 101
118 119
101*8 84 100 102% ;
General gold 5 s . . . . . ....... 1931 J .J 107 % 107 % 107% J ’ne’ l l
Registered.....................1947 J-J 100 *3 Bale 100*3 100
107 108
St L * S F HH cons g 4 s.. ’ 96 J-J
9 0 9 1
91 M a y'll
20-yr couv 4 s ...................1927 .J-J_ 107 \ 108 108
90
91
1
U8*4
Gen 16-20 yr 5s ..........1927 M-N
8d34 Sale 8934
60 %
1st * rof 48.................... 72UU8 M-S
86*3 90
U6’ a 07*3 97*4
97%
South\v Litv 1st g 6 s ..1947 A-O
98 101 10034 Mar 11
o re Hy * Nav con g 4s. 1046 J -D
10034 101*3
96
96*3 96
90
Refunding g 4s.............1951 J-J
S i ’ s sale
8i%
81\
Ore Short Lino l s t g 6 s ..1022 F-A 114 Hi 1 14a4 114% May’ l l
8 0 '8 83
K C F t S * M con g 6 s.. 1028 M-N 116% 117% Ul)H 117*4
1st consol g o s ..............1946 J -J 112 112*, 112*3 112*3
116 117H
K O F tS * M Hy ret g 4s 1936 A-O
SO3* Salt
80*4
80 *a
G uarreiund 4s............1921 J-D
04
04*4 94*8
77*8 8U>3
94*4
K G * M H * 111st gu 68.1929 A-O 100*8........ 100*4 Doc-On
Registered................. 1929 J-D
94 J a n ’09
Oz’ r k * C h e ls t g u 5 s g.1913 A-O
693* ..
OO^
993*
U ta u * N or gold 6 s . .1926 J-J i'0' 9"
97*a 00%
108 May'l 1
108 ioa*
St Louis So See Illinois Cent
Cm N J HU * U Uo see Pa RH
3t L S W 1st g 4s 6U ctls.1989 M-N
92 Salb 02
92*4
8 9 ’ a 92*. Utali Central See Hlo Gr Wes
2d g 48 ino Uouu ctls...p lU 80 J-J
82 *s.......
>•3 May’ l l
U ta h * North See Un Pacitic
78
83
Consol gold 4s................. 1032
So *s sale
79 *a
80*8
75*8 81*3 Utioa * lilacs R see N X Cent
G ray’s Pt Ter 1st g u g 6s 1947
97 “* ....... 101*8 A p r’07
consol g 4 s ___ 1955 F A
07
08 N ov’08
V anealia
dt Paul * Uui See N or Pacidc
Consol 4s Series B ...iy y ; M-N
96*8 97*6 ‘JO3, Mar’ l l
96% 07 ■,
8t P M m u * Man See Gt A’ or
Vera Cruz * p ls t g u 4 *38 193 J -J
96 A p r ’10
St P * A or Pao see A’ or Puc
Vor Val ind * W see Mo P
3t P * S’ x City See C St P M * o
Virginia Mid See South Rv
3 A * A Pass 1st gu g4 8 ...1 94 3 J.J
80% 88% 87 *a
87 % 14 86% 83*4 W abash 1st gold 5a....... 1939 M-N 108*4 Sale 108*4 108 *4
9 F * A P 1st sink t g os.1919 j J 100
2d gold 5s................ 1939 F-A 100 Bale 100
104 Got ’09
100
3ay F * W est
A tl Coast L
Debenture senes B ...... 1930 J -J ........ 90
98 A p r’ l l
Solo to Val * A E See A o r * VV
is t Hen equip s fd g 6 s ..1921 M-S 100 ........ 104 May’ l l
Seaboard A L g 4s stamped ’ ou A O
87 *« 87*8 873s
1st Hen 50 yr g term 43.1954 J-J ......... 85
87*a
8434 88
83 D e c ’ 10
Adjustment 6 s ............. 01949 F A
70
7U% 79*8
1st ref and ext g 4s ....1 9 5 6 J -J
79%
68*4 Bale 68*4 60% 3U6 ,06 % *71% ;
76
to
Atl-Birm 3 o-y risl g 4s.el933 M-8
86 Hi SO’ * 86’ ,
Del * Ch E xt 1st g 6 s ..1941 J-J 107 ......... IU734 May’ 111.... 10 j% 108% j
867s
85*4
87
Car Cent 1st cou g 4 s ... 1949 J-J
O’jag 08
Des M om Div 1st g 4 s.. 1939 J-J
01a4 A p r’ l l
Mlu 1
91a4 91a«
81*4......... 81 % May’ l il ... . o l
Fla Cen * Pen 1st g 6s. 1918 J -J 102 Hi........ 103 May’ l l
Cm Div 1st g 3*as.......... 1941 A-O
7 u *3 75
75% F eb ’ l l . . . . H
102 103
753; !
1st land gr ext g 6s ...1 93 0 J.J 1 03 % .......
T 01 <S> Ch Div 1st g 4 s ... 1941 M-S
81*4 8334 85 May’ l l . . . .
65 4 ;
Consol gold 6s.............. 1943 J-J 100 ....... 105*4* Apr ’Vi
48%
7 41*4 48*4 :
105% 106**8 Wab Pitts Term 1st g 4s. 1954 J-D 48a4 Bait 47%
Ga & A la Hy 1st con 5s ol945 J -J 105 *4....... 104*4 Mar’ l l
Cent <6 o ld Col T r Co certfs.
40% 1028 Je% 490.
48 a. Bale 45%
104*4
104*4
Ga Car * A o is t g u g 6s 1929 J -J 106 ....... 10434 May’ l l
Columbia T r Co ctfs ...............
40«J
4a *4 sale
104 105
46%
40% eO'J 40
Seab * Hoa 1st 6s.......... 1926 J-J 105*4 110 100 May’ l l
2d goiu 43......................... 1954
413 Bale
109 109
4*31 16
4%
iher SUr & s o see -U H * x
a
S
Z*3 '
Trust c o ce n ts ....................
4%
8
4
Hi Bale
7*8 70
4%
311 Bp UOa * u See AU Coast L
Warren see Dei Lao & West
Southern Pacillo Co—
Waau Cent tfesN orP ac
Gold 4s ICeut Pao c o ll).*,1949 J-D
02’ , Sale
92’ i
93*4
91*4 93’ b W a s n o * W see Southern
20-year couv 4s............g 1929 M-S
98a, Sale
98 *a
99
88% 90
96*3 99V, Wash Terml ls t g u 3His..l945 F-A
873, 88% 83% Mar’ l l
Cent Pao 1st rel gu g 4s 1949 F-A
97*4 97*4 97*8
97*4
S7 % dale
06
07*9 West Maryland 1st g 4 s ...1952 A-O
87%
s7% 164 80
88%
Registered.....................1949 F-A ........ 97
97 Feb’ lu
VVVa C e n t * P 1st g 6s 1911 J-J 100 ......... 100% May’ l l ....1 0 0 % 100% '
Mort guar gold 3 %s../cl929 J-D
91*4 9l*v 914 J’ne’ l l
W estN Y * Pa l s t g 6 s..1937 J-J 109 % 109% lu9 a4 169%
91*4 92
3 109*4110%
Through &t L 1st gu 4s ’64 A-O
90 *, y3
93 Hi M ay u
Gen
gold
4s......................
1043
92
93 *3
88 .........1 88% Mur 11 ....'| 88% 88%
A-O
G H * S A M * P 1st o s .. 1931 M-N 106 108*4 107 A p r ’ l l
Incom e o s ...................... (11943 Nov
IO6 H1 108*4
34 F eb ’o7
Gila V G * A ls t g u g 6 s . 1924 M-N 103 ...
103 May’ l l
W o siN o Car see South Hy
103 103
Hous E * VV T 1st g os.1933 M-N 106 ...
105 J ’u e l l
Wneel’
g
<
&
L
E
1st
g
o
s
...1926
1U6 105*4
"103% 105
A-O 104% 104% 104 % May’ l l ',
1st guar 6s red.......... 1933 M-N
105 Mar’ l l
Wheel Div 1st gold 6 s..1928 J-J ........ 104% 101 May’ l l .
106 106
103 % 10434
H * T C 1 s t g 6s m tg u ..l9 3 7 J -JJ 100% V !..! 10U%J’u e 'n . . . . 109*3 110
Exteu d> Imp gold 6 s ...1930 F-A
104*4 102 J’ue’ 10.
Consol g 6s int g u a r...1912 A-O 108*2 110‘s 109*4 Mar’ ) l
HH
1st
consol
4s..............
1949
109*4 109*4
84% saJb
M-S
82 *86**
84%
81%
Gen gold 4s int g u a r ..1921 A-O
94%
94a4 J ’ne 11
93*4 06*3
8 1 68 •••1932 J .J
08*3 F e b ’ l l
98% 99%
W a c o * A W div I s t g 6 s ’3U M-N 116
119 V, M ar'lu
Wilkes * East See Erie
A * A W l s t g u g o s . . . . 1941 J-JJ 104 *«
107 Hi Jan 09
Wll * Sioux F See St P M <&M
Morgan’s L a * T I s t 7 s .l9 1 8 A O
O 114
116 H» Mar’ l l . . . 116*3 115*3 W is Ceut oO-yr 1st gen 4s 1949 J-J
03% Sale
93%
93*4
02 Hi 03%
.J 111
1st gold 6s.....................1920 J -J
111 M a r'll . . . I l l 111
S u p * D u a lly * term ls t 4 s ’36 M-N
02*4 02% 02%
02%
9S
03
N o ot Cal guar g 6s.........1938 A-O
112 Fel)’07
Petogrupli ami 'T elephone
Ore * Cal 1st guar g 6s.l927 J -JJ l u i *4
100 J’ne’ 10
8o Paoo£ Cal—6s E.........1912 A-O
101% M a y 'll
A-O 101%
101 H>102*8 Am Teiep & Tel coll tr 4s 1929 j . j
01
91% 01%
01% 41 89% 92
1st gold 6s F ................1912 A-O 101%
114 Hi D eo’04
Convertible 4s .................1036 M- 8 l l l %112 1111% 112% 265 105
113%
1st con guar g 6s.........1937 Al-N 103V,
116 May’ 07
M ich State Teiep 1st 5 s ..1024 F-A 100
09%
M a_y'll . . . . 98_
____
99a, i
Bo Pao Coast ls t g u 4 s g .l9 3 7 | j-j
88% 93
90 J ’l y ’09
N Y Teiep lst<S> gen s f 4% s.’39 M-N
99% 10U% 100
160% 68 98% 100% ,
San Fran Term l 1st 4 s ..I960: A -o! 92
92% 92% J’ ne’ l l . . . . 92
93*8 Puc Tolifo Tel is t os _____ 1937 j . j
1H
.3.
75
97
0Ua,4 }
00
%
00
%
00
%
09%
Tex*NOSaOLHVl8tg68.10l2lM-S| 101% 102 j 101’ , May’ l l . . . . 101% 101% West Union 001 tr cur 5 s .1038 j . j 10.% 163*4 103%
103%
8 99% 103%
, Con gold 5s.................. 1943 J -J 101 103 101% May’ l l . . . . 101*8 lu3
Fd auu real est g 4 % s...l9 5 0 M-N
07 -*alo 06 <4 97*4 32
95 03*4
to Pao RH 1st ret 4s.........1965IJ -J I 05% Sale I 06 *a
05% 116 94H) 96
Conv 4s, Series A .......... 1936 M-N 104*4 104% 104% lU4*4
10 103 104%
lU ibb 'K L liA M K U U S UOA U s —C oncluded.

llaiiiilnctiii'iiia i t lmhinti-ia*
Ouban-Amer Sugar coll tr 6s *18
Distil » e c Cor couv 1st g 6 s.’27
S X d uP on t Powder 4 HS..1036
Sen E lectric «ieo g 3 %a 194^,

A-O

AO
J-D
F-A

10-yr g deb 6s................I l 9 l 7 J-D
tnt Paper Co 1st oon g
F-A
Consol conv s f g 6s.......1935 J.J
Int St Pump 1st s 1 6 s....1929 M-S
Laokaw Steel ist g 6s....1923 A O
Nat Enam &Stpg 1st 6s.. l92 > J-D
N V Air nrake ist couv 6s ’ 28 M-N
Ry Steel Spgs 1 st s t 6 s... 192 1 J - J
Repub l<fcs Ist& coltr6s.l0 34 A-O
Union Bag & P 1st si 6 s..1036 J -J
Stamped..................................
U S Leath Co s Ideb g 6 s..1913 M-N
U 8 R e a lty * 1 conv deb g6s ’24 J-J
U S Red * Ref 1st s 1 g 6s.1031 J .J
•No price Friday;

Jlnn utactun ng & Industrial

06
0G>
78% Sale
84% 84%
82 .......
........ 106
101 *3 103
86% 87
04 % Bale
98% Sale
......... 06
103 104
08% . . .
102% ........
04% 96%
04% Salb
102% 103
89% 01

06% May’ l l
78%
70% 47
81%
84% 16
82 May’ l l
162% 163 *1*3
102
103
6
86
86
26
01%
06
U
08%
90
26
05 May’ l l ....
103% J ue’ l l
0 8 % J’ne’ l l
102% J’ n*’ l l . . . .
05 A p r’ l l
0134
04% "6
102% 102%
1
91
91
21
70 A p r’ l l ....

latest bidandaskedthis week, bD ue




Fob

06% 07
76% 80
82% 84%
82
81
145 167
101 104%
83% 87
01% 06
06% 00 >,
94% 06%
102 165
07*4 99
102% 103 s
00*3 95 s
02
06
102% 105
89
91
70
88

U S Rubber lO-yrcoll tr b s .’ i s
J o steei c'orp— I ooup .U1963
Bt 10-60 yr os. jr e g . . a l 0ug
^a-Car Ciiein is t 15-yros 1023
West E leotno ist 6s Deo 1022
•v o«uur nouse E * Ms 1 os ’31
itisceitaiieous

Adams Ex 001 tr g 4s........ 1948
Armour * C o lstreaiest4% 8’3 j
•lush Terminal 1st 4s___.1952
Consol o s .......................... 1955
DetM * M Id gr incom es., l u l l
Int Meroan Marine 4 %s . . 1022
•ot Navigation 1st a I 5s. 1020
M o r n s * Co is t s f 4*38.. 1939
N Y Dock 60-yr 1st g 4 s „ 1051
Pub serv Corp N J gen 5s. 1959
Wash Water P ow 1st 03.. 1939

UD u e A p r «Due

J-D 105 Sale
M-N 106% Bale
M N ...... . . . . . .
J -D 106% Sale
J-J 102 sale
J-J
04% Bale

101% 105
105% 105%
106 J’ ne’ l l
100
100*4
1U2
102
05
04%

M-S
J-D

*
,
88
88
03 J’ ne’ l l
03
03
V
97%
07%
35 A p r’ l 1
67*. 8.7
67*4
82%
82%
2
01
01
4
00 Mar’ 11
03%
04
10
102% Mar’ 11 ..

A-O

J .J
A-O
A-O
FA
J -.

F-A

A-O
J-J

87
88 s
02% 03
93
03*4
07 *3 sale
.
. ......
67% ’sale
81% 82%
91
01%
82% 87%
04 Sale
102% lOJS

77 103
436 103%
103%
'*61 100%
31 .00%
23 01%

105
106%
160*4
102%
102%
95

86% 01
02% 03%
00
03%
97 100%
""
35
68%
82%
02
90
03% 90% .
02% 102% •

•lay </Due • ne a Due i'ljr s-'Due vug o D u e i c t u D u e . . o v 6'U utionB al* .

CHICAGO STOCK EXCH ANG E—Stock: Record—Daily, Weekly and Yearly
STOCKS— IOHE IT AMD LOWEST SALE PRICES
Saturday
June 10

Tuesday
June 13

Mo.ulai
June 12

>186 190 *188 190 *185
*1
*1
3
2
*1
5
*3
*3
6
*3
85
*80
*80
85
*80
*21
*21% 22
*2U- 22
91,4 9% *8%
*81 ■> 912
*5
51/
6
*5
6%
4
4% 4%
4
4
19
*15
*15
*15
19
48
40
48
49
*40
25
25
25%
28
*25
72
72
72
*71
*71
27
27
*20
*2012 27
*60
*06
68
*66
68
77
77
+70
+70% 77
9% 9% *9
*9
9%
46
*40
*40
*40
45

We nesda;
June 14

190 *185
3
*1
5
*3
85
*80
22
*21%
9% *8%
6
+4%
4
*3%
19
*15
49
*40
20
*25%
72% 72
2/% *26%
69
+66
77
77
9% *9
45
*40

190
3
5
85
22
9%
6
4
19
44
26%
72%
27%
08U
77
9%
45

Thursday
June 15
Last
Last
*3
Last
*21%
*8%
*4%
3%
Last
+40
27
*72
*20%
Last
*70%
8%
Last

Sale
Sale
5
Sale
22
9%
6
4
Sale
41
27
72%
27%
Sals
77
9
Sale

Friday
June 16
190 Apr’ l l
1% July’ 10
3
3
80
M ay'll
25
25
*8%
9%
*4%
6
4
4
17
May’ ll
*10
'44
*25% 20%
*72
72%
27
27
63
May’ ll
77
77%
83.,
9
12 June’ l l

Sales
of the
Week
Shares
___
___
12
___
3
25
25
490

STOCKS
CHICAGO STOCK
EXC H AN G E
Railroads
bo

pref___________ 100

b o prel___________ 100
160
stropol VV S E lev___ 100
212
Do prcf___________ 100
390
22 2 Nort.twestern E lev___ 100
___
Do prel___________ 100
262
135
—
Do pref.

Miscellaneous
840
113g
575
Do pref___________ 100
___
merlcan
Radiator_100
265 Feb’ 11
Do pref___________ 100
129
130
129 Apr’ ll . . . .
129
72
72
72% June’ l l
71
Do pref___________ 100
112
112
112% May’ ll . . . .
155
152% *151 152
1513S 1613g
115
42
*35
39
*39
42
Votln ! trust ctf.
51
Apr’ ll
Do pret_______
Juho’ l l —
*60% 65
*60% 05
Last Sals 65
*60
65
65
*61
♦___
*
___
51
May’
l
l
49
50
Last Sale
4!)
75
1%
*i
1% *1
1% *1
1% *1
1% 1% *1
1%
Do pret.
534 5% *5
6%
*5
6% *5
612
6% *5
5%. *5
61% 51% 51%
51
51% 51% __ _ ___
124
123 1233t 123% 123% 123 123 *123 124 *123
*123 124
125
169
168 168 *167 169 *166 169 *166 169 *160
170 170
533
128 128% 1283.1 12834 128% 129% 128% 1283., 1285s 128%
128 128
Do rights_________
13a
Feb’ 10
ISO om Prod Ref Co com.
15%
15lg
14% 15
Do
do
pref..
.
.
.
.
78
Jan’
11
Last Sale
480 Diamond M atch_____ 100
___ ____
101 101
100U 100% 100% 1003. 100% 101
101 101
H- rt S m finer «Sc M-rx pf
1023, 1023 10273 103
10278 102% 102% 1027g . . . . . . . .
Illinois Brick_________ 100
62
62%
0278 03
6212 04% 62% 62% 04% 6434 6338 64
Maionlc Tem ple--------May’ l l
Last Sale 50
Mc^rum-Howell C o ..100
405
50
60%
6
O
I
.1
50
%
4934 50
50
50
49
493,
49
49
Do pref___________
690
0534 05%
97
97
06% 97
96
97
97
97
90
96
Last Salt 2% June’07 . . . . Mlhv A Chic Brewing.
Do
pref___________
.
.
.
.
20
Nov’O
C
Last Sale
. . . . National Biscuit_____ 100
Last Sale 130 May’ ll
*134 138 *134 136 *135 137 *135 137
Do pref___________ 100
10
128
*125 128 *127 129
128 128 *120 128 *120 128 +120
Last Sale 120 June’ l l . . . . National Carbon_____ 100
*117 118 *117 119 *117 119 + 117 119
Do pref___________ 100
5)
118% 118%
*117 119 *110 118% *110 118 *116 118 *116 118
625 People's Gas LA Coke.100
100% 106% 1001,1 106%
100t2 100% 106'% 103% 1003a 100% 100 106
Do rights____________
Last Sa/c 11-10 Mch'Ot
2.806 Sears-Roebuck c o m ..100
145 145% 114% 145),' 14473 1447g 142% 144% 14234 143% 142% 143
Do pret___________ 100
121
120% 120% 120'% 120% 120% 120% *120% 121 *120 121 *120
878 Swift A Co___________ 100
102
102
102 102
10134102
101% 102
*102 1021.4 101% 102
Do rights____________
Fell’ ll
Last Sale 4
107 The Quaker Oats Co_100
190
186 180
180 186 *180 190 *180
18512 I 8OI.1 186% 189
Do pret___________ 100
39
106%
106 106 *100 100% *100 10612 *100
10614 10011 100 100
230 Unit Box Bd & P C o .100
3^4
3^
3% 4
*3%
4
41.8 4tf *334 4%
*4IS
79% 7S% 793< 2,100 United States Steel co m .
7734 781- 77% 7734 783g 793g 79
7712 773.,
Western Stone______ 100
Last Sale 19% May’ l l
22
22
22
22
+20
*20
*20
*20
Note.—Ol •tclai sheetn 0 longer rcb orts transao tlons ol less than 10 sharics.

11%
80%
*265
*127
*70%
*110

11%
80. g

1U2
87%
*265
+127
*70%
Hi 10
152
*39

11%
8/%

11%
87
*265
*127
*63

11%
8/%

11%
87%
*265
*127
*63
*111
*151
38

11%
87%

113a IDs
86% 87
Last Sale
129
Last Sal.
70%
Last Sale
112%
Last Sale
152
151% 1515g
38% *35
39

113g

Inter­
est
Period

Price
Friday
June 10

Week's
Range or
T/isl Sale

IF(Is
Sold

High No.
Ell
Ass. urn
Amor Strawb’d 1st Os. 191 1 F - A
100% Jan’ 11
Armour A Co 4*4*— 1hh < 1 - D
93 M ay'll . . . .
100 Men'll . . . .
Booth Fish Co DebU 5s’ li J - J
100 Mcll'll
• Deb g 5s..................1924 J - J
98% Apr’ l l . . . .
Sink Pd Deb8s tr roc -- A - O __ _ - - - J’oe’OO . . . .
Cal do So Oh tiy 1it 5 s .’ i< C A . . . . . . . . 102
Cass Av A F O (St L) 5s 12 J - J __ _ . . . . 101% Oct’09 . . . .
100 May’Oi —
I -1 )
102% 17
Chicago City lly B«___1927 F - A {102% Sale 102%
Apr’b4 . . . .
Ohio Consol Br & Mlt 6s__ J - .1 __ _ . . . . 103
Apr’09 —
,. . . . .
60
Ohio Consol Trac 4 4 s 1939 ; - ii
9d34 Jan’06 —
....
Ohio Auditorium Ist5sl93tf F - A
, ....
91% Dsc'09 - - - Ohio Jo RK 1st M g 6s. U»-*s id - t>
Feb’06 —
___
87
Ohio No Shore K lea6s.l9U \ - V
89
9
18%
90
J - J { 89
12
99%
99%
Ohio Ry 5s.................... 1927 P - A 99% Saio
93% May’ l l . . . .
Ohio Rys 4-5s senes ” A’ A - < __ _ ___
4
87
87%
Ohio Rys 4-5s series "M" 1 - 1 t 87)8 Sale
Men' lo
P - A
Chlo Rys coll 6s. — 19|.’( F - A *100% 101% 100% Juno’ 11 . . . .
Jan 11 . . . .
100
F - A
....
99% May’ ll . . . .
Ohio Rys Tom Ctfs l i t 5* - - - - 66% Aug’08 ___
Ohio H X & P HR 4S ..200: Al - N . . . . ___
66% Julr’03
Collat trust g 5.s— 1913 U - b
Ohio Tolophone 5s____ 1929 J - L>
1033g 103 Jnne’ l l
Common w-Edison 5s. 194* \\ • b 102% Sale 103
102% 40
Chlo Edison dob 6s. 191* .1 - J
1007g Nov’ 10 ___
1st g 5s____July 102t A • C
Feb’ l l __ _
100
Debenture 6s____ 1920 ll - S
100% Aug’09 __ _
1
Cornmonw Elect 5s01H4a rt - i 1101% . . . . 1)1%
101%
Dlft Match Con db 6 s.. 1920
106 Juno’ 11 . . . .
Illinois lunnel 6s____l»2t J * u
80
Doc’08 ___
Kan City Ry & Light
97% May’ l l ___
Co 5 s .....................1 9 1 3 >1 - N
Kulck’ b’ ker lee l i t 5s 132» A - l 1101
----- 100 M ay'll __ _
82 June’ l l . . . .
Lake St El— 1st 5s___192* J - j
Income 5 s . . ______ 192
Fob
16 May’Oa ___
Metr 'V Side El—
44
1st Is........................ 193V F - A 85% Sale
85%
85%
- >;3
82% June 11
Extrusion g 43------ 193* J - J
Morrlw & Co. •- 4 ____ 193 ) f • J 1----- 91% 91 June 11 . . . .
997,
11
99%
North West El 1st 4 s .1911 d - i
99% Sale
99% May’ l l . . . .
No W G-L A Oolto Co 5s 21 J - M
94% 92 J’ ne 11 . . . .
Ogden Gas 5 s . . . . ___194> ll - N t 92
98% . . . . 100% Men’09 . . . .
Pearsons-Taft 5s--------191 * r - d
95
___
96% MoU’ lC . . . .
4 .4 0 3 ................................ vl d - N 95
___
Fob’ 10 . . . .
97
4/603 Series li........... ..
M- h
97% ___
98% Mch’ 1C
121% Mav'09 . . . .
Poo Gas L A O 1st «s.l9 43 A - C
Refunding g 5s____1947 U - 5 1102% 102% 102% May’ l l . . . .
10
------ 103
103
Chic Gas LAO 1st 5 sl93 • I - J 1103
Consum Gas 1st is_i»3t> J - D 1101% 101% 191% M ay'll . . . .
___ 101% May’ l l ___
Mut’ l Fuel Gas Ist5sl947 M - h
95%
10
95%
South Side Elev 4 4*s. 192. J - j { 95% 8a le
Swift A Co 1st g 6 s . . . I»1 * J - .1 1100% ----- 100 2 May’ l l . . . .
88
Apr'10 . . . .
. ....
Union Kt (Loop* 5 s..1 #4 « A - 0
___
70
Apr’ 10 . . . .
United Box Board col fti 2« _____
60 M ch'll . . . .
General mt>go « s . ---------- J - J
Western Elec Co As...19 2 2 J - J 1102 102% 101% Apr’ l l __ _
Note..— Aooaued Interest must be art cd to all Chtcaco b ond




Ranje tor Prnaoui Year
(1910)

Highest
185

Jan 11

190

Apr 21

3 J ’ne G
80 Aor 29
2034 May 13
8 May 13
4U Mrh 1
3% Feb 2
17 May27
40 J ’ne 13
1912 Feb 1
G5 Feb 1
2012 Apr 27
GO Jan 11
GS Jan 9
&I2 J ’ne 1
40 J'ne 1

Mch 23
Jan 21
Feb 3
Jan 18
514 May 17
6 Mr h 1
25 Feb 23
72% Feb 25
20 May26
72i2J’ne 1
28 J ne 2
0 / Mch30
7734 May 26
1314 Feb 23
50 Jan 9

9 Jan 16
767g Jan 7
265 Jan 9
12612 Mcb 9
65 Mav20
llOU Jan
141% Jan
35 Apr 28
38 J ’ne 14
65 J ’ne 6
4 j% Apr 24
lig Mch 29
312 Mch 27
41 Jan 3
115 Jan 25
1514 Jan 6
113 Jan 19

1212 May 9
887g J ne 2
265 Jan 9
13) Jan 14
7) Feb 6
113 May It
15214 J’ne 12
5u% Mch 8
5734 Men 9
82 Mch21
62 Feb 1
114 J ’ne 7
534 J’ ne 9
55-2 Feb 73
124 Mch27
170 J ’ne 9
I 8UI4 Mch 15

6
93
25U
10

153g J ’ne 15
13»4 Jan 11
78 Jan 18 78 Jan 18
92i2 Feb lo 101% J'ne 9
102% J ’ne 8 1033g J ne 2
70 J an 20
60 May ‘
47 Jan 18 60 May 19
45 Mch 3 67 Jan 3
92 Mch 3 98 Feb 1
117U Jan
123 Jan
114 Apr
118 Jan
103ig Apr

1/ 140 Apr 7
130 Mch31
27 120 Mch 14
18 120 Moll 23
8 1088g Jan 19

C13612 Mav 26
119 Jan 11
100ig Mch 13
1 Feb
165 Mch 7
10212 Feb
3 May 10
72>4 Jan
19i2 Apr 12

19234 Jan 31

122 Mch 11
104 J ne 5
10 Jan 16
189 J ’ne 12
IU6I2 May2U
7 Jan
817g Feb 6
25 Jan 27

160 Oct
112 J ’ly
4 J'ly
G03g Sep
IH 4 Seu
8 Mav
3 Mat
2ig J ’ne
20 Aug
Fee
Jan
Feb
Apr

185

Mch

312 Jan
7*2 Jan

*5% J ’ly
7 J ’ly
40 J ’ly

100 Jan
30 Jan
18 Jan
0*8 Jan
6U Aug
39 Jan
7734 Mch
25 J no
72 J'ne
23 J ne
66 J ne
72i» J ne
643s Jan
104 Jan

6*8 J ’ne
62l2 J ’lv
240 Apr
126 J ’ly
72 Feb
107 Aug
13U4 J ’ly
31 J ’ne
Aug
J 'ne
Dec
Feb
Sep
2512 J ’ly
110 *lav
142 Aug
108*2 J'ly
1*4 1an
13i2 J ’ly
79U Apr
82i2 Sep

13% Jan
(.2 Jan
261 Deo
135 Apr
84ig May
112 Jan
142ig Mch
43 Deo
41 Deo
74 Jan
16 Feb
Feb
Sep
47 Deo
137 Jan
163 Mch
121% Jan
2 Jan
22% Jan
82 Feb
127 Jan

63 J ’ly
43*2 Men
40 Mcb
93 J ’ne

91 Mch
46 Jan
67i2 Deo
10234 Apr

Aug
J ’ly
Feb
Feb
J ’ly

119 Deo
126 Jan
145 Oct
123 N ov
11534 Jan

148 Feb
113l2 Aug
100 Deo

I 8334 N ov
122 Mch
1093s ja n

156

188 Feb
103 Jan
153g Jan

101
118
104
112
103

j ’ly

101 J ’ly

6% Apr

15

J ’ne

26-.-.Deo

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHAN G E
Week mutiny June 16

Range 1<xr Year 1911

Rangs
for
Year 1911

NAME

Outstand­
ing
Slock
r

Dividend Record

Surplus
Profile
T

In
1909

Per­
In
1910 iod.

Last Paid
%

An Jan ’ l l , 6
6
$ 100,000 2/S45.838
6
600,000 Z243.513
10
j - j Jan ’ l l , 5
10
Apr ’ 11,2%
20,000,000
10.285.337
Contl’
tal
&
Comm
N
at.
Q-J
92% 93%
12
16
Q-J July ’ l l , 4
Corn Exchange National 3,000,000 5,696,273
90% 100
8
200,000
41,198
9
Q-J Apr ’ l l , 1%
Drexel State----------------90 100
10
Q-J Apr ’ l l , 2%
443,233
10
600,000
Drovers’ Dep National.
98% 99
6
6
200,000
213,496
Englewood Stato---------Q-J Apr ’ l l , 1%
.... ....
12s Q-M Moh31’ 11,3m
12s
10,090,000 Ll,276,436
.... ....
10 Q-M Mch31’ ll,2%
150.000 1/187,559
10
. . . . __ _ First Nat E nglew ood..
563,476
Prlv ite Ba ik
102% 1027g Foreman Bros B’ k’g C o. 1,00),000
610,188
8
8
Q-J Apr ’ 11,2
Fort Dearborn National 2,000,000
.... ....
8 + 2 Q-J July ’ l l , 2
8
Hibernian B’ k’g Ass’n . . 1,500.000 1,053,878
.... ....
10
200.000 2180,830
10+15 J-J Jan ’ l l , 5
Kaspar State Bank-----.... ....
1. 000.000 257.031 Beg. b us. Ma y ’ 10 V.90, p.1277
La Salle 3t National—
.... ....
546,108
10
10 Q-M Mch31’ ll,2%
Live Stock E xch’ go Nat 1,250,000
------ . . . .
4
4
66,841
Q-F May ’ l l , 1
300,000
Monroe N ational______
b /h o i
Q-J ne30’ l l , 2
1,313,977
8
8
2,000,000
Nat
Bank
of
R
ep
u
b
lic..
9758 100
Q-J Mch ’ l l , 1%
494,341
6
6
93% 94% National C ity__________ 2.000,000
3
4
90,390
250.000
Q-J July ’ l l , 1%
82% 88% National P ro d u ce _____
200,000
74,633
North Avenue State___
6H Q-J July ’ l l , 1%
Q-J Mch31’ ll,l%
6
50,000
34,29 )
6
99% 100% North Side State Sav’ gs
30,403
200,00)
4
North West State-------Q-J luly ’ l l , 1%
100 100
Q-J Apr ’ l l , 2%
300,000
115,137
7
People’s
Stk
Yds
State.
07% 09%
500.009
62,711
6
6 Q-M Apr ’ l l , 1%
Prafrle State------ — - —
.... ....
300.090 2207,494
4H Q-J Apr 11, 1%
1H
. ....
94,500
6
20),000
74* Q-J Apr '11,2
102 103% South Chicago Savings.
12-,7t>2
200,099
6
Q-J Apr ’ l l , 1%
1«
100% 102% South Side S tate--------12
12
Q-J Apr ’ 11.3
State Bank of Chicago. 1,500,090 1,965,670
. . . . ___
196,488
250,090
8
8 Q-M Mch31’ l l , 2
Stock Yards Savings—
100 100
243,113
6 M-N May ’ l l , 3
209,000
6
Union Bank of Chicago.
.... ....
8.494 See V. 90, p. 159
109,099
100% 101% Washington Park Nat’l
211,015 None None Q-M Dec31’08,l%
50,090
Wendell State------------103% 106
977,674
7
7M Q-J Apr '11,2
. . . . - - - - Central Trust Co of 111.. 2,000,09)
6
Q-J Apr *11, 1%
224,478
6
Chicago Sav Bk A T r . . 1,090,000
6
74* Q-J iur;3 I’ l l , 2
96% 97% Chicago Title A T ru s t.. 5,00 ),000 l 1,849,670
12,104
6
4
60.000
Q-J Apr ’ 11,2%
Citizens Trust & Savings
97% 100
475,687 8 +2
8 + 2 Q-J July ’ l l , 2%
600.000
Colonial Trust & Saving
77
82
734,546
Cont A Comm Tr A Sav 3.000.000
. ....
200.009
140,926
Drovers’TrustASavlngs
8
8
Q-J Apr ’ l l , 2
6
3
Q-J Apr ’ l l , 1%
82% 85% Farwell Trust C o............ 1.500,000 2223,720
12 Q-M Me i’31’ ll,4
16
78% 82<s First Trust A S av in gs.. 2,500.000 3,648,690
250,000
3,057 Beg. b us.Apr 3’ 11 V. 92, p.929
90-% 91% Ft.Dearoorn TrASav Bk
209,0011
226,611 incorp orated 1908 V.87,p.1138
Guarantee Trust A Sav .
96% 100
9>A 11 + 5 Q-J Apr '11,3
Harris Trust A Savings. 1,250,00!] 1,918,434
99% 100
<7 May 2 0 ’ 11,1
93
94% Illinois Trust A Savings 5,00 9,000 8.850,823 16 + 4 16+4
265,396
6 H 7 + 14* Q-J Apr ’ l l , 1%
Kenwood Trust A Savgs
200.00C
.... ....
49.680
5
209,00C
54* Q-J Apr '11, 1%
Lake View TrustASavgs
. . . . ___
12
12
Q-J Apr ’ 11,4
Merchants’ LoanATr Co 3.000.00C 6.273.210
.... ....
248.857
6
Q-J ne30’ ll,l%
750.000
6
M etrooolltanTrustASav
200,090
60,057 Beg. b us. Oct 29’ 1 9V91,p.1221
Michigan Ave T r C o . . .
___ . . . .
11V92 pl004
600.001
58,372
us.
Ap
rlO
Com.
b
Mid-City
Tr
A
Sav
B
k.
101% 102%
8
8
Q-J Mcb31’ l l , 2
102% 103% Northorn Trust C o------ 1.500.00C 2,507.084
6
J-J Jan '1 1 ,4
6
77.29S
101% 101% North-Western TrASav Z20 ).00C
600.00C
137,536 Beg. b us.Dec l ’ lO V. 92, p. 98
101% 101 >* People’s Tr A Sav B k ..
8
300,000 IC227.991
8
Q-J Meb31’ l l , 2
93
95% Pullman Trust A Savgs.
200,000
220,97S Beg. b us. J’ly 12’0 9 V.89,p.141
100 101% Sheridan Tr A Sav Bank
Sept 61910
bus.
enccd
Comm
284.85S
Standard Tr A Savings. 1.000.0OC
.... ....
236.984
5
64* J“J July *10, 3
200,000
. . . . . . . . Stockm en’s Trust A Sav
Union Trust C o............. 1,200,000 1,229.38! 18+2 *8 + 2 Q-M Moh.31’ 11,3
66
60
6
6
203.65S
Q-J |Apr ’ l l , 1%
100% 101% 1 W ost’n Trust A Savings 1,250,000
0 Q-M|Meh31 11. *
112,071
200,000
I W est Side TrASavBanU
prices
264,745
6
74* Q-J lApr 11,2
200,001
W oodlawn Tr ASavBanh

Low

High

Calumet National--------

100% 100% Chicago C ity....................

BOSTON STOCK EXCHANGE— Stock Record, Daily, Weekly and Yearly
i fator,,!,,:;—

----- -•

:■-

■

Friday
June 16

Sales
of the
Week
Share

SHARE PRICES—NOT PER CENTUM PRICES
Saturday
Juris 10

Monday
June 12

Tuesday
June 13

W ednesday
June 14

Thursday
June 15

■■■■--.....................
STOCKS
BOSTON STOCK
E XC H AN G E

:

.

Range since January 1.
On basts of lOU-sAars lots.
Lmorsl.

Highest.

- Range for Previous
Year (1910).
Lmvest.

| Highest.

Railroads
115 115% 115’8 1155g 115 115
115 115% 114% 114% 114% 114%
442 Atch T op & Santa Fe.100 102% Jan f U 6 % J ’ ns 6
911o J’ly 123% Jan
♦ 105 10612 ♦105 105% *105% 105% *105 106%
101% Jan : 104% J’ no 6
Last Sale 104% June’ 11
Do pref__________!0(
97% A u / 104% Jan
221 221
221 221
221 221
221% 221% 221% 221% 221% 221%
9.3 Boston & A lbany____10C 219 Apr 2] 220 Feb 15 218 J ’no 234 Jan
129 129
129% 129% 12934 1293.4 12934 12934 12934 12934 129% 129%
331 Boston E levated_____ 10( 127 Apr 2t 129% Feb 1 £122 Aug 13034 Jan
___
♦215
215 215 *215
216
*215 217 *315 217
210
23 Boston & Lowell_____ 101 207 Feb 1 210% May 2 200 J ’ly 227 Feb
109 109
109 109% 109% 110
10973 110
109 109% 109
109%
412 Boston & Maine_____ 10C 101 Ala vlC 12238 Feb 15 .118 Deo 152 Feb
♦295
297% 297% *290
*295
___ *295
*295
8 Boston & P rovidence. 10( 292 Ale h 2 1 0O1) Alch 6 2S5 Oct 300 Nov
♦15
13% May f
15% 15%
10
*15
16
16 Alch 15
*15
76 Boston Suburban El C os.
11 J ’ne
15% 15% 15% *15
10% N ov
♦75 ___ ♦75
72 Jan 0 75 Alch E
*75
Last Sate 75
*75
May'll
Do pref_____________
70 J'ly
70 Apr
♦9 ___
*9-34 10
*9-34 10
6 Feb 15 10% J ’ne 16
10
101,
14C Boston ik W ore Elec Cos.
8 Mob
♦0
*9
10% Sep
38% Jan 3 50 J n e 2
♦49% 50
50
*50
51
50
50
60
49% 49% *50
57
Do
pref_____________
35 Aug
51
48 Jan
♦153 160 ♦157
*157
Last Sale 159 Juno'11
*157
Chic Juno R y & USY.10C 156 Apr 29 161 Feb 27 139 Sep 160 Deo
107
M
ch
lf
113
Feb
2
0
♦112 113 ♦110 112
*110
112
110%
1101,
110% 110-34
*110 112
109 Oct 118 Jan
30
Do pref_____________
*271
*271
___ 272
♦271
272
*271
30 Connecticut R iver___10C 265 Jan 31 272 J'no 6 260 Oct 270 Alch
♦271
127%
23 Fitchburg, pref______ 10C 125 Apr 10 130 Jan 4 121% Sep 133% Jan
127% 127% 123 128 *127% 128
127 127% *127
♦12719 128
117%
Jan
23
150 150
150 J n e 13 101 lau
222 Ga R y & Eicctrio____106
150 150
150 150 *150%
148 148
123 Oct
148 148
___
86 Feb 20 93 Mch 7
*93
♦92
*92
Last Sale 92
Do pref__________100
85 Apr
♦92
June’ 11
90 Oct
200 M.i.v'11
200 Alay 2
202 Fei)
23% 23% ♦23% 23% 23
23% 22% 233S 22% 22% 22-34 23% 2,725 Mass Electric Cos____100
16 Apr 20 24 J ’no 3
14% J'ly
21% N ov
83% Jan 9 93 J ’ne 3
90
Do prof__________100
88% Nov
90% 90
92
90% 90% 90% 0034 90-34 90% 92
92% 1,529
75 J'ly
1443.,
147% 1477s 147 14734 £144% 145
14019 143
147-3.1 148
144
477 N Y N H & H artford. 100 141% Apr 24 151-% Fob 23 149 Apr 16438 Mch
141 141 *141
♦140
___ *141
11 Northern N H _______ 100 139 Jan 13 142 Alch 0 139 Dee 141 DCO
♦140
*211
*211
Norwich & W or p r e f.100 210 Jan 26 212 Apr 29 210 May 212 Mch
♦211
Last Sale 212 M ay'll
♦211
187 189 *187
___ 187% 1871,
♦186 ___ 186 186 *187
45 Old Colony__________100 183 Mch 15 189 Ja'n 3 181% Sep 200 Jail
25 Alay
*40
32 Jan 26 43 Feb 21
44
Rutland pref________ 100
44% N ov
Last Sale 12 June'11
♦40
*40
4.3
♦41*2 44
44
111 111 *109% 111 *109% 111
♦109
111 111
65 Seattle Electric______ 100 105% A pr 18 112 Feb 27 103 Aug 116 Jan
♦109
♦10219 ___ ♦102%
103
Do pref__________100 £97% Mch 13 103 .1 lie 13
983i Auv 106 Alch
103 103 *102% 103 *102% 103
103
499
185-34 186-33 600 Union Pacific_______ 100 171 Jan 3 188 J ’ne 8 153% J ’ly 204% Jail
180% 187
♦1871s 187% 187 1875a 185% 180% 180% 187
94% 94% 94% *94% 9434 94
943.1 *94
Do pref__________ 100
*94% 95
94
204
90 Mch 9 95% Mavl2
89% J ’ly 10338 Ian
♦94
___ *160
*100
*160
___ 164
164
10 Vermont & Mass____100 150 AtCh 21 164 J ’ne 10 151 Oct
♦100
+163
1C8 Jan
90
91
91% *90% 9U,
91% 91% 91% *90% 91% 90
70 West End St_________50
83 Sep
♦91
89 Apr 26 93 Men 22
95*2 Mch
* __
104% * ___ 101% 104 104 *104
2
104%
Do pref__________60
♦104 101% ♦101
102 Feb 27 105 Jan 10
109 Feb
09 J iy
Miscellaneous
68% 58% 67% 58
59
*57% 581,
173 Amer Agrlcul Chem._100
46% Jan 3 60% Mnvl8
49% Oct
♦58% 591i ♦58% 591.1 59
36 J ’ly
103
103
Do pref__________100
99 Jan 6 1 0 5 Mch 1
283
103 103
10273 103
103 103% 103 103% 1027g 103
9810Dec 105 Sep
4% Jan 4
5
175 Amer Pneu S ervloe.. 50
6% Jan 20
5
4 “ Dec
5
5%
87S Feb
5% 5% *434 5%
612 5% ♦5% 53.t
14 Jan 3 19% Jan 31
121
Do pref__________50
13% Deo
17% * ___
17
1719 17% ♦17
16% 17
17% 17
24 Feb
17% *
120% 12M4 121% 1213., 120% 120% 2,093 Amer Sugar Refln___100 113% Jan 6 122 Feb 27 111 Oct
120 121
12733 Mch
121 121
120% 121
Do
pref..................100
111%
Jan
5
120%
Mavl'j
111
?,
Oct
242
119 119
1191,
124 Mch
119 119% 119
118% 119% 118% 119% 118% 119
1513j 152% 151% 152
1513a 161% 5.486 Amer Tclep & Telcg.100 140 Jan 3 153% J ’no 8 127% J ’ly 1437s NOV
152% 152% 1515s 152% 151% 152
American W oolen____100
31 Jan 4 38% Alch 20
26 J’ ly
39% Mch
34
Last Sale 331.1 June'11
♦33
90%
J
’ne
15
Do
pref__________100
£86 Mob 20
901•>Dec 104% Moh
746
94% 95% 9434 95
9473 95% 95% 90
95-34 90% 90% 9534
7 Alch
8% Jan 17 11 AIay2U
Atl Gulf & W I SS L.100
11% Jan
*10% 11
Last Sale 10% Juno’ l l
♦10% 103.1
♦1012 11
10 May 28 Jail
20 Jan 31;
Do pref..................100
21 A lchll
245
2119 21%
21
21
21% 21% 21% 21% 21
21
4io J ly
Boston Land________ 10
5% Jan 13
8% Apr 29
8% Jan
*7% 8% ♦7% 8% *7% 81,i *7% 8%
3
May’ l l
35 Cumb Telcp & T cleg.100 145% Jan 10 159% J 'M 15 138% J ’ly 152% Mch
♦150
*155% 159% *155% 159% 159% 159% *150%
♦150
11% Jan
7% Apr
7% Jan 18 12 Alay 1
10
900 East Boston Land______
10
10% 10
10
10%
10% 10% 10% 10% 1038
10
292% NOV
285 285
12 Edison Elec Ilium __ 100 282 Apr 3 292% Feb 3 7)239 Ja:
285
286% 23612 * __ 28*5 *
285 285 *285 U
100% Jan
103% 163% 104% 164% 163% 10:33.1 163% 10434 163 103% 102% 163%
811 General Electric......... 100 £145% Alch 3 107% Alay29
9138 N ov
93% 93% 931.1 9.33g 93% 933g 04
76%
93
9334 94% 93% 93-34 3,229 Massachusetts Gas CoslOO 8784 Jan 3 94% J ’ne 15
89 May
95 Jan 3 98 Mch 26
97 Mch
Do pref__________100
9634 96% 97
♦97% 98
90
971.1 90
280
97
97
97 '
97 "
224 224
223-34 22334 *224% 2251,
225 225 ♦223 228 * ___ 228
17 Mergentbaler L i n o .. . 100 211 Jan 4 225 Alay 17 212% Dec 220 Nov
23d J an
034 May
478 Jan 31
3% Alch 20
*4
♦4
4% ♦4
4% *4 " 4%
♦4
44
100 Mexioan T elep h on e.. 10
4"
*112%
115 115 *112%
*113
65 N E Cotton Yarn____100 110 Jan 3 119 Mch 14 107 Sep 124 Jan
* 1 1 2 % ___ *112%
991
,
Aug
110%
Alch
1
106
Jan
3
115
Jan
Do
pref__________100
111 111 ♦110 112 *110 112 *110 112 *110 112 *110
5
112
150% 150% 150 150
150 150% *149 150 *149-34 ___ *149
1493..
236 N E Telephone______ 100 137 Jan 14 150% J ’ne 10 129% Aug 13834 Deo
♦10219
96 Jan 9 103 Moll 28
93% Nov 100 Jan
*102%
♦161% 162
162 162% 102 102% 162% 162% 162
173 Pullman C o_____ __ .100 158 Mch G 103 Jan 30 153 J ’nc 200 Feb
162 102
162
11% Jan
14 Oct
Recce B u tton -H ole.. 10 *12 Jan 5 15 Alay 1
10934 Jan
101% 102% 1017a 102
10M4 102% 1017S 102
102
1,295 Swift & Co___________ 100 100 Jan 26 104 J’no 5 100 J?n
102
102 102
30 Feb 1 30 Jan 3. 23 Mch
30% 31
31
37 Deo
31
31
31
31
31
370 Torrington___________ 25
30
30
31% 31%
*29% 30
27 Mch 23 30 Alay 31
27 Jan
Do pref__________25
30
30
31 May
*29
30
25
*29
30
29% 291,
*2912 30
195% 196% 195 1903., 195% 197
195% 103% 190 197
619 United Fruit................100 180 Mch 13 197 J ’ne 12| 165% Jan 200 Sep
195% 196%
52
587* Feb
52% 52
2,132 Un Shoo Mach C o rp .. 25 51 J’nolG
4G% J. -V 7134 Apr
52% 52
51
52% 52
53
*28% 29
Do pref________
25 27% J ’no 2 291,1 Jan 31
31 Jan
29
29
177
28% 28% 28% 29
29
25% J y
*28% 29
29%
inn
71% Jan 3 82% Feb o| G138 j , y
00*4 Jan
77% 77% 7734 78% 77% 78% 781.t 79% 78-3., 7978 78-3,3 79% 20,604 U S Steel Coro .
125% -Ian
Do pref---------------m o ll(j34 Jan 3 129% Feb 2| 111 JJ ^
118 118% 118% 118% 118-3.1 11834 118% 1183.,
202
♦118 118% 118 118
1
4
Feb
1934 Sep
16% Jan 17 23% Feb ol
*19
20
20
*19
275 West Tclep & T eleg_.l00
20
20
*19
20
20
*19
20
20
89 Jan 23 97% J ’no 71 81 Aug
94 Jan
*95
97
Do pref__________ 100
97
*95
97
29
♦90
06
97
*9634 97
*96% 97
Mining
7% J ’nolOr
7
4% Apr 24
7
25
4 J ’ly
10 Feb
6
6
*6-3, 7
6% 6%
0% 7
7
7% 1,565 Adventure Con
1434 Sep
10% 10-% 10 ‘ 107g 10%
6 Jan 24
11 J ’ne 131
7% Deo
9% 11
9% 9%
9
9
10% 0,392 Algomah Alining......... 25
33
33
25 30 Apr 25 39 Jail 41 31 J .Y
58 Feb
33
32
.31
128 Allouez..................
♦31
32
32
*32
33
33 4 33 "
90*4 Jail
707« 70% 70% 69-34 70% 70
71% 17,058 Amalgamated Copper 100 59% Apr 18 71% J ’ne 16( 56% J , V
67% O8I.1 68% 09% 69
40% Jan
30% 30% 30-s
29% 30% 30
30% 30
30
301.3 9,305 Am Zinc Lead & S m . 25 23 Jan 27 30->s J'nc 141 19% J iy
J ' H6 14 £ 12% May
50% Jan
1734 18%
18
17% 17% 17% 173,
18-% 17-34 18-% 173,
18% 6,718 Arizona Commercial. 25 1M4 Apr 24 1
A j no
3 Apr 12
0% J ’ne 14
1214 Jan
0% 0 0 1-16 0 1-10 0 1-10 0 1-16 6%
1,013 A t l a n t i c _____ _______25
6
()
0% 6%
Bonanza Dev Co . . 1 0 .50 Jan 5 .75 Mav22
♦ .60 .70 * .5 0 .60 * .50 .70
.50 Meta .70 Alch
15
143.1 15
15
5 11% Jan 13 15% Mav27
320 Bos&CorbCop&SilAlg
10 May 24% Jan
♦14% 15% ♦143, 15
*1434 15% 143.1
4% Jan 30
5
0% Jan 14
4% Nov
5
18% May
6% 5 1-10 5% *15
710 Butte-Balaklava C op . 10
5%
5 '
8
53a
16% Apr 24 2o% A!ay24
19-3.! 20% 19% 197s 19% 193s 3,130 Butte Coalition............15
15% J'no
28% Jan
19% 19% 19% 193.( 1933 20
01-3.4 021, 01% 02*4 02% 03
44% J, y 103 Jan
62
0278 02
62% 3,010 Calumet & A rizo n a .. 10 46 Jan 19 63 J '110 6
61% 02
455 A layll 545 Jail 4 500 J„ y 680 Jan
475 475
475 4 75 *170 475
475 475
42 Calumet & H ccla____25
475
475
475 475
11% Jan 30 15%Ja;i 4
38 Jan
10 Centennial.................... 25
♦ 12% 13% *12% 13% * 12% 13% 1234 12-3., *121-» 13% *12%
13% J.fy
13%
1 .05 Jan 6 .15 J ’u c l
.07 .07
.07 .07
.01 J ly .16 Jan
♦___ .07 At
1,340 Cons Alercur Gold____
.07
.13
.07 .15 *
68%
Apr 22 OOJj Feb 1
03
58 £eb
61%
01%
Copper
Range
Con
Co
100
01
61%
85 Jan
1,723
01
01
61
63
63
021, 63
0
M
ayis
3
Feb
8
*0
0
0
9% Moh
3% Sop
5% 5%
0
*()
181 Daly-W est.................... 20
6 ** 6
0
6%
137, 14% 14
14 N ov
13% 13% 13% 13% 13% 14
143,3 17,207 East Butte Cop M in .. 10 10% Apr 22 14% J ’nc% J >y
14-% 14%
14 J ’ne 8
7 Jan 21
9 Deo
22% Mch
♦ 13% 13% 13
13% 133j
13% 13% 133.1 13% 14
13% 13% 2,749 F ra n k lin ____________ 25
8%
Fob
6
5% Mch 10
0 J'ly
11% Jan
7
7
7% 7% 7 3-10
7
7 ‘
7
7
7% 4,175 Giroux Consolidated. 5
7'g 7%
20 J’ly 111% Jan
40*4 40 ~ 40 ' 40
38
38
39% 39
403.1 1,426 Granby Consolidated. 100 30 Jan 26 403., J ’ne 14
38
38
38
7o8 3'ne 10
5% Mch 10
0% Sep
73s 7M
11% Jan
7% 71,
73,s 7%
7 1-16 1-16
7%
7% 4,493 Greene Cananea_____ 20
7% 7%
dOijj
J
no
u
18 Jan 24
14% J iy
36 Jan
23% 28% 28% 283) 287s 293.1 29% 293., 23% 291,i 28% 281.1 l ,650 Hancock Consolidated 25
.99 Apr 22
5's Jan
M,s Ma
13S l-%
455 Helvetia C o p p e r ____25
, 1*4 y.et
Ma l-% *1%
11,
1% Ms
1‘
l '
10
J'no
2
4
434 Mch
to
J
ly
10
3
4
Apr
24
157,
1534
Indiana
Mining______
25
1,370
153.1
15
15% 10
15% 15%
15
15% 15
9% May27 .......... —
_________ _
7% Apr 27
9%
9
9% 10,980 Inspiration Copper. ..10
9 tf
9% 9%
9%
8%
87s 9 “
33% Oct
39% 3934 39% 39% 3,585 Island Creek Coal____ 1 29% May 9 40% J'no o| 30-% Dec
39
39
391.1 39% 39% 3934 39-34 40
Do pref............... .. 1 87 Feb 3 91 J ’no 3| 84% Nov
1,248
90 Nov
*90% 9034 90
90% 90
90
90% 9012 901c 90% 91
90
25
18% 18-34 181,
12% Apr 8 19% J ’ne 13( 13% May
28% Jan
18*34 19
18% 2,372 Isle R oyalc Copper
IS ‘ 19%
18
is “ 18%
13
7-s Jan 21 f j6 Sep
955 Kerr Lake_____
5
S’a J ’iio 2
5 13-16 5%
11 Jan
5 1516
0
573 (J
578 6
3% J ’no 15(
l-% Alayl l
3 J ’ly
6% Jan
3% 334 3 9-16 33.1 5,605 Keweenaw Copper
25
2% 3%
2i2
2%
2*2 234
28% J ’ly
26% Apr 22 40 J ’no 13
94% Jan
39% 39% 4,455 Lake Copper Co_____ 25
39% 397, 3834 39
40
38 8 3” % 3Slj 3!)0S 30
0 Jan 3|
0% Deo
245 La Salle Copper_____ 25
4
•1
31" Alay 5
4
4
19 Jan
Vl
4%
4
411
91j
10% A1av29
9%
01.1
70
* , t 934
9%
9% 5,690 Mass Consol____
5 Alay 10 «9% J ’neio| • 4% Mob
* 25
10-% Oct
0
6 * 0*2
* ! n
6I4 6-3, e8% 9%
3 Alay 18| ,35 Oct
625
2
♦
1-3.,
.20
Feb
18
U3 Jan
2
*1-3.,
2
M
ayflower___________
25
♦
Ml
2
2
2%
1-16
213,s 21% l 1,529 -Miami Copper_______
17 J ’l.v
5 18% Apr 6 22 J ’n o 14
2M4 22
29 Jan
+20
20% 20 20
20% 203.! 21 ‘ 22
3% Jan -1
■170 Michigan________
3% Deo
1% Apr 7
210 210
2%
8% Jan
2%
25
2% 2%
2%
2
2l*> 21•> *2U
2%
521 Mohawk____
52%
52
43 J'ly
25 3 1 A pr 18 53 J 'n o 15
75 Jan
5H, 53
♦48%' 49% 48% 48% 49
50
50 1 51
27% Jan
17% J ’ly
19-% 203s 20% 21% 20-3.1 21% £20% 20-4 7,733 Nevada Consolidated. 5 17% Apr 21 21% J ’no 15
19% 19% 19% 20
4% A »r 28
890 New Arcadian CoDDcr 25
*3%
2% Apr 24
3% J’ly
10% Jan
J;8
3%
*3
3% -1
*3%
■1
-1
31.,
3%
9% Jau
12 -May
10% 10% IO 3 10% 10% 10% 103, 10% 10% 10% 103,3 10% 1,589 NIpissing Alines______ 5 103g Apr 25 1133 I* eb 17
18 J ’nc
15 25% Apr 24 36% J ’no 2
50 Jan
3573 33-34 35% 33% 3-Ms 16,774 North B u tte ..
36
347s
35% 353s 35
0
1,685 North Lake______
93; J ’no 3| - oi.l Dcc
25
9
4% Apr 22
2578 Mch
R3| 9*4
9
9
9
9
8%
9%
91.1
320 Ojibway Alining___
8% J ’no 6|
73.,
5 Sep
7%
25
5 Jan 17
12-% Jan
71,
7
7%
*7 1 7% *7
7M 7%
7% *7
2 J'no 61 .25 Aug
25 .50 Jan 5
134 Feb
1% 2,815 Old Colony____
llo
1% 1%
1%
1%
1%
1%
1%
1% 1% 1 3-16
25 35 Apr 22 49 J ’ne 131 291' J ’ne
56 -Ian
48% 49
46% 46% 40% 47% 47% 49
43% 49
■18% 4,8% 2,(05 Old Dominion Co
153 O s ce o la ______
108
25 95 A br 24 1*4 Jan 3f 111 J'ly 166 Jan
105% 100
105 100 *105
♦109 105 M02 105 ‘ 101 100
220 Carrot Silver & Cop 10 11 Jan 26 13 May22| 11 Deo
13
21*4 Jail
1234 *12
♦ 12
12% 127S 12% 12M *12
12% 127s 127jj
260 Quincy....... ..............
73
25 05 Jan 25 73% J ’nc 15] 66 J’ly
73
92 Alch
73
731.i 73
72
73
71
71
72 J 72
*71
18% Jan 4| 15% J’ly
18% 2,900 Ray Consol C op p er.. 10 15% Apr 21
24% Mch
181, 18% 181.3 18
173.i 18
18
♦ 17% 17% ♦173.1 18%
650 Santa Fe Gold &, C op . 10
___
134 J’no 10
1%
1% Nov
234 Jau
13,
M, * 13,
■%Apr 20
Ml * Ms
Mi
1% Ml
113, 11?,
834 J’ly
113,( 11-3,
11% 11% 2,094 S h a n n o n ____________ 10
93^ Apr 11 12m Fob 2
18 Jan
11
11% M%
11
11% H%
920
1
l
1
.99 .99 * .05
South Utah AI <Sc S ___ 5 .75 Apr 18 I'm Alay 18
1 Deo
3-% Jan
♦ .92 .97
.99 .99
.99 .99
520 -Superior........................ 25
34% 34% 31% 31
34
34
34
34
34
30 Apr 24 42% Jan 3
34
30 J ’ly
*33% 34
68% Jab
73.| 4,365 Superior & Boston Alin 10 213ie Apr 7
7% 8%
18 Jan
8% J ’nc 15
4% Deo
7
77s 8%
7
7% 71.1
Vr,8
7% 7%
17-3.1 18
214 Superlot&Pitts C opp. 10 13%Jan 3 18 J ’no 5
17% 17% 1734 1734
10% Jan
18
18
0 J’ ly
17% 17% 17% 18
119 T am arack ___________ 25
36
36
*30
37
36
30
52 Jau 3
78 Jan
37
34 Apr 24
46% J ’ne
37% 37
30% 36% 35
43., 4%
4%
695 Trinity........... .............. 25
43g 4%
Ml
6 Jan 3
4% 4%
3% Apr 22
4% Dec
11*8 J »:l
4% 4%
55 Jan
39% 397a 13,238 U S Smelt Ref & Alin. 50 33% Apr 7 40% J ’ no 14
30 Dec
3 7'>s 37% 38% 38% 3973 39% 40% 393s 40
37
53% Jan
49
49% 2,747
45% Apr 4 49% J ’ ne 14
49
D i p r e f.................50
45% J’ly
49
49% 49
48% 48% 48% 483.! 48% 49
6l4 J au
2 Dec
3%
3
3%
2 Mch 10
3%J’ no 15
3% 1,383 Utah-Apex Mining___ 5
8 1-16 3 1-16
3% 3%
3% 314
3% 3%
46 Jtitt .
12% Doo
2,125 Utah Consolidated___ 5
19
9% Jan 20 20 J’no 14
1934 19-3. 20
19
18% 193.| 19
19
19'
19
19%
3,397 Utah Copper Co......... 10
42*s Apr 18 52 J ’no 14 £39% J'no
50% 5134 Xi)07g 51
477s 47?3
4934 49% 51% 51% 52
JaS j
•Ml
2
125 V ictoria _____________ 25
2% Feb )
M| 2
1% Mch 23
♦ M4 0
♦1% 2
M.[
*1%
1% * 1-3.) 2
6 J jy ■
8% 2,365 W in o n a _____________ 25
0% Feb 6
8%
j
0 Apr 18
8% 9%
8
S% 8%
8
8%
8-3a 9%
8
11-1
115
135 W olverin e___________ 25
107 Apr 20 122 Feb 10 102 J ly 160 Jan j
♦112 113% 112 112 *112 113% 113% 113% 113 115
1% J iy —
2 Feb 8
1% Jan 25
410 W y a n d o tt___________ 25
M4 M4
1% 1%
134 1%
1%
1%
iSSL
♦1% M,
1% 1%
and asked prlooJ. ii New stool?. sAsa’ tpM d. b Ex-stosk dlv. h lix-rlghts. a Ex-dlv. and rights.




Junk 17 1011.1

Boston Bond Record

MUMIK
BOSTON STOCK E XC H ’GE
wickk kndino ju n k 16

32I

Price
yritiav
June 16

Hi>
a

Weetds
1^3
Range or o g i
Last sale

a8KIa>w

Range
since

1027

BOA D.v>
BOSTON STOCK B XO H 'G E
W bkk E nding J une 16

High, AJ

<-V

1.0to High, J
Am A srioul Ohem 1st 5 s.. 1928 A-O lt'l^ H a lt 101 ^ 101*4 20 10 L*4 102*4 Illinois Steel deben 6s. ...1 91 3 A-O
Am 'i'eieu <te le i ecu tr 4S.1929 j . j
la Falls <SsSioux C is t 7 s.. 1917 A-O
91 % sale I 0 1 9 1 % 87 89 *4 92
Convertible 4s................. 1936 M-S 111% 112*8 111 ViJ’iio 11 . . . . 103 7s I l l ' s Kan C Clin Jb Spr 1st 5 s ... 1925 A O
Am Writ P a n e lis t s i 6s g 1919 . j ................... 90 Feb 1 1 ----- 90
KanO Ft Sdb Gult ext 6 s..1911 J.D
90
Am Zinc 1. & S deb 8s___19 U M-N 118 120 l i n y J22%
9 100 122 V. Kan C Ft S c o t t * 316s___1928 M-N
Ariz Com Cop 1st conv Os 102u J D
92
9 2v 62 84
92*s 91*4
92*4 Kan 0 M <fe B gen 4s.......... 1934 M-S
Aten T op & S Fo geu g 4 s.. 1095 A-O
Assented incom e o s ....... 1934 M-S
99
99%
98
98*6 J’ n e l l
Adjustment k 4 s ___J ’ly 1996 Nov
9178 Kan C <fc M Ky & Br 1st 5sl929 A-O
91
92
91
91 A p r’ l l
S tam ped............... J ’ty 1996 M-N' UL
Maine Cent cons 1st 7 s ...1912 A-O
91
92
92
92 May’ l l
> 60-yearcouv 4s............1936 J-D
Cons 1st 4 s ......................1912 A-O
10.'<*8 Mar’ l l .... 100*8 109 <*8
10-year conv 6s............1917 j . d
U lO ^ M ar I 1 __ 108*4 1 l 0°8 Maro Hough JbOnt 1 st 68.1925 A-O
A t lG u U & W iS S Lines 5 s.’50 j . j < 71
Mass Gas 4 *48....................i 929 j J
73
71*4
71%, 0 1 63
Boston Elect 1, cousin 6s. 1924 M-S
6i 10U T elep lst 03...............1917 J- J
.........110
Boston & Lo well 4s.......... 1910 J . j ,
___
61inne Ueu Eieo con g 6s 1929 J .J
Boston <fe Maine 4 %s.........1944 J .J ;
N ew Eng Cot Yarn 6s___1929 F-A
I........
Boston Terminal 1st 3 % s.1947 F-A
New Eng Teleph os.......... 1916 A-O
. 112 *4Jan ’ 03
Bur & Mo Uiv eons O s___J.918 J - j
6s........................................1916 A-O
.1 0 3 Jan ’ l l
T93 103%
Butte A Boston 1st 03___1917 A-O
N ew England cons g 5s... 1945 J - J
.TOO J’ne’01
!
Butto Klee>&IJow 1stgOs. 1951 j - i i
Boston Term 1st 4s.......1939 A-O
Cedar Kap
Mo it 1st v s .1910 M-N ...................' l l 3 *4May’10 . . . . ........
N ow lH ver (Tlio) conv os. 1934 J .J
Cent Vermt 1st g4»..M a yl0 2 O o-Fi 90*4 90*4' 90*4
j'87% *90% W i f W I U H coil deb 3 %8lU60. J - J
00 Vi1
0 B & u Iowa Div 1st 68.1919 A-O
Conv deb 6s (e t ts ).........1048 J .J
-----11103 Oct ’07 \___ . . . . . .
lo w a D iv l s t 4 s ...............1919 A-O
Old Colony gold 4 s ............1924 F-A
99 F e b ’ l l
' Debenture 6s................... 1913 M-N
101*4 Muy 11
100*4 10 * % Oreg By 3b Nav con g 4 s ..1946 J-D
' Denver Kxtun 4s.............1922 F-A
Ureg Sh Bino 1st g 6s....... 1922 F-A
99*4 May’ l l . . .. 99 % 100
Nebraska listen 4 s ........1927 M-N
9 j Vi May’ l l L ... 98% 99% Bore Marquette deb g 6 s.. 1912 J .J
8 W s 1 4s..................1921 M-8
99 V, F o b 'll
99% 99% Itepub Valley 1st s 1 6 s ...1919 J -J
Illinois Dtv 3 %s.............. 1949 J - j
876s Alai 11 . . . . 8 7% 88*4 Kutland 1st eon gen 4*4S.1941'J-J
Ohio jo ity * s t n Yus 6 s . 1916 j-J 101*8 102 101*8 J’ue’ l l . . . . 100 102
Uutland-Canadlan 1 st4s 1949 J-J
Coll trust relunding g isl9 4 0 A-O
90*4 May’ 11 ___ 89% 90*4 Savannah Klee 1st cons os. 1962 J •J
U0*a 91
Oh MU * s t 1* Dub D 6s..l92i>! J - j __________ 114 Jau ’ l l __, 111 114
Seattle Eieo 1st g o s .........1930 F-A
Oh M eb St p Wl8 V 'llv 081929 J - J ...................1L3*S Feb 11
113% 113% Shannon-Anz 1st g 6s___1919 M-N
Ohio N o Mica ls i gu 5 s .l9 3 i M-N
99 101 l o o s J’n e l l ___1 98 V- 101
Terre Haute Eieo g 5s___1929! J .J
Ohio & W M idi gen 6 S ....19 2 1 1J-D 10 1*« 103 101*4 May 11 ___' 10U 101*4 Torrington 1st g 6s.......... 1918 M-S
Ooncord 4b Mont eons 4 s..l92 o! J-D ................... 91 D eo’07
Umou Fao Kit & 1gr g 4 s .1947! J - J
Oonn & Bass it ls i x 4 s ...i9 i3 'A -0 . ................... 112*4 J a n ’ 03
'-O-yearconv 4s............... 1927'J .J
Oudaliy Paok(The) 1st g 6s 19.4 M-N> ................... 100*4 Aug’09
United Fruit gen s t 4 % s.l923 J .J
Onrreut Kiver isl 6b.........1920 A-O ................... 97 Mui’ l l
97
97
U S C o a l* Oil 1st 8 f 6 s.. 1933 M-N
Det-Gr Hap <s> w 1st 4 s ...1940 A-O
HT\
87 *8 2 87
87% U S Steel Corp 10-60 yr 6s. 1963 M-N
Dominion Coal 1st s t 6 s..l9 4 u M-N
98
6 95% 98
West End Street K y 4 s___1916'F - a
98
93*4 98
Fitchburg 4 s .......................1916 M-8
I03*s Api ’06
Gold 4Vis........................... 1 9U M -S
4s ...................................... 1927 M-8 ................... 96 A p r’ 98
Gold denenturo 4s.......... 1916 M-N
F roiutE lk& Mo V 1st Os..1933 A-O ................... 127*4 Jan ’ l l . . . . 127% 127%
Gold 4s.............................. 1917 F-A
Unstamped 1st Os.......... 1933 A-O ................... '140 A p r’06‘
W estern Teleph & T el 6s. 1932 J-J
IH Nor O B <ib v) coll tr 4s 1921 J -J
97»s Salo | 97*4
977»i *73 96% 98% W isconsm Cent 1st gen 4sl949 j . j
iiegiaterea 4s................... 1921 y -J
97*4........ 97*4
97S
1 95% 98

98*4

N ote —Buyer pays accrued interest In addition to the purchase prioe for all Boston Bonds.

Price
Pridav
June :6

IVeetCs
Range or
l*ist sale

hs 31 Range
S0
Since
ja,-c January

ASK 1,011> Hum So Ho tv High
100% ........!ioo% luo%| 2 100 102%
117 A p t’08(.
-94*4‘ 1)4 >4
1'4*4 F eb ’ l l l .
100 .May’ l l . . . . lo o
116*4....... I16*a J’n e 'lli. .. .
116*4
92 .......
92 .May'll .
93*a
......... 91
88 A p r ’ l l l . *.” l 88
90
102*% 103 102 M ai’ U . ...' 102 103
................... 102*4 F eb’ l l . ... 102*4 102*4
101 *4Sep ’06!.
116 J’ne’ 0.3 .
100‘s salt 100
JO0%, 12 |9*9 i00**8
99*a May’ l l . -..'I 99*4 99*4
102 *4Aiig’04!.
102*4 Sale 102*4 102*41 "2 ib o ” l b s ”
101*4 Mar’ l l ' . . . . 101*4 102
100*4 sep ’osj.

115

100*«

*4

. . . . . . ••••••L.
75 Oct TO *. ij..**.'
96*4 May’ l l
'93%
133% May’ l l . . . . 132*4 131*4
10- A p r ’09
98% Sep ’09 . . >!
114% F e b ’l l . . . . 114*4 il4 %
98
98
98 Sale
98%
111 98
103 J a n ’ l l . . . . 103 103
107 % -vov ’116
102 Mai’02
70% D e c’ 10
ioi** 105**
103-j 105 104% J ’ue’ l l
91
93 A p t’ l l . . ..
93
97 A p r’u? . . . . . . . . . . .........
100*, Mar’ lo ............... ........
101
101
10 100% 101
1U4% A p r’ l l . . . . 104*8 104%
96*4
U6% J lie’ 11 . . . . 95% 97 %
196 Nov 10
105% J ’ne’ lJ
ibT% ibo**
99 May ) 1 . . .. 98 V, 99
100% May 11 ......100% 100%
99»« sale

98% J a n ’ l l . . . .
99%
9a %' 23
93% J an ’ l l

* N o pnoe Friday; latest bid and asked.

98% 98%
90*4 100
93% 93%

11 Flat price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
s h a r e Prices—Not l'e r Centum Prices

Saturday
June 10

Monday
June 12

♦
100% ibb
129% 129% •123%
*27% 2b *«j 26
1 61% 61*4
61
*18
♦18

01
100

94

13
*43*4
44%
* 11 %
66%
33%
*73%
f>.........
: 28%
•88*4
’ 89%
• 02',
: 60%
■ 17
1 20
80
'
0
1 49%
’ 87%
Ph

13
44
44%
12%
66%
33%
74%

94

100
28

61
18*4

Tuesday
June 13

Wednesday
June 14

Thursday
June IS

!
iin iiiiu oi'e
03*. 03*4
03
03%
93
03*4
93*4 03*,
854 Con. Gas EL L. 02 P ow .100
*9U*4 100
lo o 100
*93*4 100
100 100
495
Do prel.................. 1U0
130
120% 129 120 '129 130
66 Northern C entral......... 60
28
28
20 28
28
‘ 28 28*4 1,200 Seaboard (n ew )..............100
.. 02
61% 01% P
♦61
61*4
61*4 01*4
3i4l
Do 2d prof............ 100
18
18
18
18
n % 18%
18*8 1S°8 2,085 United Ky & E lectric.. 50

*13
•43%
44%
*1 l'a
65%
34
•73*4

*13
•43%
41*4
12% 1 1 %
66 % 65
34
*33
74%
73%

•13
*13
*13% 44
44
43*4
15
44% 44%
46
n%
1 1 % H% ♦12
66% 65% 66% 65%
33% “ 32% 33%
32
73 ‘h *73% 74%
73%

27%
89
19
89% 8 *»18
(i2%„
62 ■,
06 h 66*4
17
lo%
20
19
SO
S0%
6
0»ia
49%
48
87%
87%

28 v, 2/‘4
89
SO
DOiia 89*4
*»- *v 02%
66',
60 10%
17
19%
ID s
8K»in 7t»u is

21% 28
2 I % •2 1 % 28
89
88*4 83*4 *8 5*4 89%
01) 90
89 Vi i'9*»10
89*4
02 *• 0-°ia O'w*v
0^ Vi

28%

44
46

60s
10%
19 V
60 ‘4
0
6*n,
48% 49 v.
87 % 88 |_

49T
8 7 't

Rid

il a d e l p h ia

in u c tiv e s i v c i u
Am oncan M illing....... 10
Cambria Iron ................60
Central Coal <te Coke. 100
Proterreu.................. 100
Consol Trao ol N J . . . 100
Ft Wayne * W V ....... 100
Qermuuiown Puss.......60
Highlander Mill .e -Mg..6
Huntingdon <fc B T ___OU
Prelerrod ................. 60
[ndianapons S t___-...100
Indiana Union T r ___100
Insurance Co 01 N A .. 10
Inter Sm Pow & Cheiu.60
KoystonoTelep v t 0..60
P referred................... 60
Keystone watcncanu. too
,Ueli Y all Tran v t e .,.5 0
Preferretl v 1 c .......... 60
U t Brothers.................. 10
Little Schuylkill.......... 60
Mineliill * schuyl a . . 60
Nat Gas Eloe Ltifo Po IU0
P reiorred................. luu
N H aven iron
sieei.6
Northern Central........ 60
North Founsyivaunt..5u
Pennsyl warrants ..(w 1)
Pennsylvania s a il....... uu
Pennsylvania .-■ieel..lou
Proterren................. 106
PlUla Co (Puts) prel ...60
Phil German 3b N orris.60
PhUa 'Traction.............. 60
Railway .1 Geuerm....... 10
tonopah Belmont D ov .l
United c o s 01 -1 - . . . . too
Unit Trao Pitta pret..60
Warwick i r o n * s a eel.lo
W elsbaehCo................ion
West Jersey Jb JaeaSh.60
Westmorelauu Coal....6 0
Wilkea Has -v Elo<...100
Fork Ballway................60
P re le v reu ...................60

! Sales
A C T IV E S T O C K S
---------------- 0/ the
Priday
1 Week (1'or Ronds and Inactive
Stocks see oelowj
June 16 Shares

........ ........
........
20 7& 21
"a "
........
9
9%
2 J % 23%
10
16%
’ 2*0”
70
*97"
110-, ........
43% 44
*87% 88*'
0

0%
10%
' 66**

" T % |"*8%
26 1 26%

*8

27*4
8 9 -j
39*4
02 '•

Oli
60
66
bir>4 56
17
17
17
17
17
19% 19*4 19*4
19*. 19*4
H
O
C.
80 %60u ia 79l».«
791*18
6% ° 16m 61*18 6*»10
6%
49% 49%
49
4 0 -4 40
87*4 87%
87*4
87*4 87%

Ask

1
1%
44% 45
82% 83
82
82%
70

" 40”
9%

*12
44
43%
45%
44*4
12% 12
66 % 65Vi
32
*32 *4
74
*73*4

13
44

46*4

12
60
33
74
9
2 ,%
89*4
8 J V,
6.%
504
17
19*4
80 V6%
40'
87*4

Rid 1 A sk
B onds
Prices are all ‘ ami
interest.’
Alti&LV Eieo « Vis’33.F-A
A m Gas & Elec 5s’07. F-A
A inityacouvSs 1911. J-D
Coll tru -t 6s 1917.A-O
A ll C Eieo ref 5s ’ 3 8 .M-S
BorgibLDrw I sdOs ’21 J-J
Botluo Steel 6s 1U98.1J-F
Choo 3b Me 1st 6s 1949 J -J
OU Ok 3b G gen 5s T9 J -J
C on T ra cotN J 1st 5 s.’33
D elC oK ys tr otl» 4s’ 4 .J-J
E 3b A 1st -VI 6s 1920 M-N
Elec 3b Peo Tr stk tr etfs
Gen AspLalt 6sl9 l6.M -S
luuiauapous Ky 4s. 1933
Interstate 4s 1943 ..F -A
Keystone Tel 6s 1935.J-J
Lake Sup Corp inc 6s' -4 O
Leuign-Mav 4 -js ’ 14.I 4-J
Geu -U 4%s g.l924.(J-F
Leh V O 1st 6s g ’33.. J -J
Leli V ext 4s 1st 1948.J -D
Consol 6s 1923......J-D
Consol 4 %s 1 9 2 3 ...J-D
A nnuity Os............ J-D
Uon cous 4s 2003.M-N
Leh V Tran con 4 s ’35J-D
1st series B 5s -935.M-S
Nat 1- 113b PserB Js’ ipJ^I
N ew c o n Uaa 6s 1948 J -D
N Y Ph3b N o 1st 4s '39 J-J
lueoino 4s 1 9 3 9 ...M-N
NoOlnoTTao e ou js ’ lO.J-J
Penn 3b MU steel con Os.
Pa 3b N Y ca n 5s ’39. A-O
Penu Steel ls t 5 s T 7 M-N
People’s T r tr certs 4s ’43
p Co lst3b col tr Os’49 M-S
Con3b coi tr 6s 1961 M-N
Plul Eieo gold trust etfs.
Trust ceriils 4s..............
P 32 E gen M 6 g ’2o. A-O
Ueu M as g 1 9 2 0 ..A3bO

P H IL A D E L P H IA

Jan
Jan
Jan
21 ___
Jan
43*4 Jau
16% Jan

I Rid |Ask

Inactive .Much*

Ala Cutis Coal3b lio n . 100
P r e t............................100
Atlanta J&C h a rlotte..loo
101
Atlau Coast L (Conu)lOO
104 . . . . . . Canton Co................... 100
109% Cous Cot Duck C o rp ...60
103 % 104
P re io rre d ...................60
117*4 118
Georgia sou<& F la ...100
104 . . . . . .
1st pret.....................100
140*4 147%
2d pref...................... 100
97% 97*4 G-B-S B rew ing.......... 100
lloiuln
Prices are a l l " and
97% ib o ”
interest."
Anacostiaeb Pot 6 s ....
07 s
A t! Coast L(C t)otfs6s J-D
Ctls ot ludobt as...... I-J
........
6-20 yr 4s 1925.........J-J
B altCPass l s t o s ’ l l M-N
. . . . . . .........
Balt Funtlg 5 s .1916 51-N
101 V) . . . . . .
Exchange 3 %s 1930 J -J
......... 03% Balt 3b P 1st 6s n i l ’l l A-G
103 .03% B S P 3 b O i s t 4 s i s ’ 63F-A
03% . . . . . . 1 Balt Trao 1st 6 s.. ’29 M-N
103% 103*4 1 No Balt D1V 6s 1942 J-D
79*4 7u%; Ceul’l Ky cou6sl932 M-N
107% 103
E x t32 Imp 68.1932 M S
100% j 100 % ChasCltylfiy ls t 6 s ’23J-J

•Bid and asked; uo sales on this ilay. 11Ex-div.ift rights. IIP1A paid, t *13% paid. **13% paid. 1*35 paid,




Lowest

Uujriesi

Range tor Previous
Year ( l u l u )
i| Sou-esi

9 94 May29 46 Mar
9 100*4J ’ne 7 80 Mar
11129 s J’ ue 8 115 Jau
4 28*6J ’ne 3 18% J ’ly
4 62 J ’ne 3 40 Oct
9 lb % ila r 28 12% May

P h iladelph ia
1 American Cement........ 60 12 May23
34 American K a ilw a ys.... 60 42 -Jau 6
1,362 Cambna S te e l................ 60 42 % Jau 3
12U E leetne Co ol Am erica 10 1 IV. Jau 4
1,836 Eieo Storage Battery.. )o0 48% Jan 3
13. u eu Asphalt tr c t i s ___100 3 i% .M a r4
24
Do prel tr ctfs ....1 0 0 72 M ar.o
6 Keystone T elephone... 60 8 J’ ne 3
077 Dane superior Corp___100 27*«.J’nel3
134 Deiugh C <&Nav tr otls. 60 86 May; .
740 Lelugh Valley................ 66 84% Aprv4
2,42 Peunsylvama K it........ 66 6u% May-6
1,693 Fhiladolp’a U o (P itlso ). 56 coO Jau .
4,660 Philadelphia Ei6etrio||. 26 16 Jan lb
3,37. Phils K a p T r v o ttr c tla 56 17 A p r.
6,160 B ead in g......................... ot 74)®iaApr24
2,60. Ponopah -Mining ......... 1 6 •„ 1 no i
6o 43 Jau 3
4,692 Onion P raotion....... .
1.226 United (Jas im p t.......... 66 86% Jan 3

PH 3b Ueau 2d 6s ’33. A-O
E x Imp M 4s g ’4 7.A O
Terminal 6s g l9 4 1 .u -F
P W 3b B col tr 4 s ’ 21. J-J
Portland Ky 1st 6s 1930.
‘ 8*4*4
" 1* 86”
100% 100 % Bead Trao .a i0 s ln 3 3 J -J
04% Koch Kyoe 1- eon 6s ’64J -J
94
Suanisu-Atu Ir 6s ’ 27 J-J
ib T '
Stau'd Gas 3b E 6s ’25 M-N
.....
118
U Trao luu geu 6s’ 19.J -J
108 '
Un Kys T r otls 4s’49J3bJ
102*4 103
United Kys Inv 1st coll tr
105
s in s 1926................-M-N
Weis bach s 1 6s 1930. J-D
•” ••• 78
W lks-B u & E oon5s’65 J -J
*88*4
York Kys - st 6s *937. J-D
........ 94
O A l-l'l.llO lt E
” 67% 6*7*4
83% 84
68% 69%

Range Since
Jan 1 m i l

64
89
121

1

All.

17 Dec
41*, J ’ly
40% J ’ly
i i ‘4 J ’iy
42 J ’ne
19% J ’ly
64 J 'lj
7 J ’ly
15 % J ’ue
86 J ’ue
62% J ’ly
lil«18 J ’lj
42 J ’ut
U 3% re.
i5 Api
05 % J’l j
0% Jan
38 Del
79 J 'lj
B A I-T i lKM tE

Highest
64 V. Deo
90 J ’ly
132 FeD
27 *4Jan
47 Jan
16% Deo
28 Jan
60 Jau
S3 % Jan
12% Jan
64 % Mar
34% Deo
84% Jan
13 -a n
29% Deo
.23 Jan
.21% Mar
09*16 Mar
63% Jan
16% Mar
aa% Jan
86 Feb
9*18 May
52% Jan
96% Jan

[ Rid |Ask

Chas Ky H 3b El 6s ’UOM-S
I0l)«gj Lhan C3c a 2u /sTO A-O
116*4 117 %; City 3b Sub ls i 6 s ..’22 J.D
City A subt W asjlst 6s’48
C o a l* 1 Ky 1st 6 s ’ 20F-A
120 |126 I CoUfeUruv 1st 6s. 1910 J -J
Consol Gas 5 s ..1939 J-D
102 102%'
Geu 4*sS i9i>4........ A-O
102 102 %l Cons U E & P 4 -as’35.j-J
Fairifc CiT'r -st os '38.A-O
77
77% Laos A*a is l con os ’4oJ -J
GaUarJaN l s t 6 s g ’29J-J
85% 86 | Georgia P 1st o s ...'2 2 J-J
80
89% Ouso 1fc Fla 1st 6s 1946J -J
101
G-B-S Blew 3-4s 1951M-S
2d income 6s 1961 M-N
K uoxv 1'rac 1st 5 s ’28A-U
LakeK Ei i s l guos’42M-S
40
Macon Ky A i-Usl&s’doJ -J
76% -Mempms .-st lot 6s’ 46 J-J
76
M eUjl( Wash) lst6 s’ 26 F A
25*6** . . . . . . 311 Vei Cot Duck 1st 6s.
119% 123
N pt N3bO P 1st 5s’38 M-N
3
N orJbPorTr lstb o ’ JOJ-D
17
Eorio*k s i 1st 6 s ’4 4 ..J-J
N orm ce n t 4 %s 1925 A-O
*0*3*’ *06**
Senes A 5s 1926___J -J
......
se n e s B 5s 1920....J-J
P ill Un Trao 6s 1997.J-J
Polo Val 1st 5s 1941..J-J
Sav F la * West o s ’34 A-O
beau 3b Koau 6s 1926.J-J
101 101% South Bound 1st o s ..A O
U El L3bP 1st 4 %u’ 29 M-N
104
U□ Ky Jb El l s i 4s ’49 31-S
Income 4s 1949....... J -D
04 ........
Funding 6s 1936...J-D
100 100%
104 104% Va Mid 2d ser 6s ’ 11.31-S
94% 05 | 3d senes 68 1916..3L-S
4th ser 3-4-3a 1921.M-S
olh senes 6s 1926.M-S
*97*’ *9*7%
107 10.% Va (blaut) 3s new ’ 32.J-J
100 109 %
Fund debt 2-3s 1991. J -J
W est N C con 6s 1914 J-J
WesVaC3bP IstOg’ l l J-J
102 104 | W u 32 Weld 6S..1935.J-J
a Kcooipts. 6523 paid. «* 3 0 paid. <i*42% paid.

THE CHRONICLE

1628

V o lu m e o f B u s in e s s a t S to c k E x c h a n g e s
TRANSACTION.-} AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
West tnd'ng
June 10 1911.
Saturday ..
Monday . . .
Tuesday___
Wednesday
Thursday...
Friday____

Slocks.
Shares.
198,017
507,436
515,645
523,965
463,850
311,675

Par value.
89,054.200
46,908,750
46,673,400
47,876,400
43,020,000
28,892,650

Railroad,
Jkc..
Bonds.

Stale
Bonds.

$2,199,000
2,750,500
2,737,500
2,415,000
2,790,000
2,912,500

S2S3.000
885,000
260,000
695,000
469,000
248,000

V. S.
Bonds.

[VO L. LX XXXI1

Bid Ask
Electric Companies
Chicago Edison Co—Nee Ch cago list
87
Gr't West Pow 5s 1946..J-J
SS*2
e Kings Co El L & P Co. 100 125 126
89*2
Narragan (Prov) El Co— 50 X*82
56
N Y & Q E 1 L A Pow Co. 100 63
77
Preferred___________ 100 47
87
92
United Electric of N J — 100
7-34 79%
1st g 4s 1949________ l-D
35
35*2
Western Power com----- 100
64
Preferred___________ 100 02

Telegraph and Telephone
« Ainer Teleg & Cable— 100
e Central A So Araer----- 100
Uomtn’l Un Tel (N Y )— 25
Empire A Bay State Tel. 100
Franklin ______
..100
Total
2,520,588 $222,423,400 $15,654,5001 $2,846,000 810,000 e Gold & Stock T e leg... 100
e Northwestern Teleg___ 50
Pacific A Atlantic.............25
Jan. 1 to June 16.
Week ending June 16.
Sales at
e Pac Telep A Teleg pref 100
New York Slock
Southern
A Atlantic------- 25
1911.
|
1910.
1910.
Exchange.
1911.
Companies
50,555,262
1,782,910
91,277,408 B A Ferry
2,520.588
Stocks—No. shares__
N Y 1st 6s 1911___ J-J
Par value___ _____ 8222,423.400 $154,971,700 34,482,337,050 $8,217,037,125 N Y A E It Ferry stk...160
$1,070,500
$602,500
$8,900
846,800
Bank shares, p a r____
1st 5s 1922.................M-N
Bonds.
Y & Hob 5s May ’40.J-D
$13,000
$153,500
8230,000 N Hob
810.000
Government bonds__
Fy 1st 5s 1946.-M-N
404,500
66,102,000
2,846,000
25.807,700 N Y 4 N J 5s 1946____ J-J
State bonds_________
8.050,500
366,041,000
15,654,500
322.314.000
R R. and mlsc. bonds..
10th & 23d Sts F erry... 100
1st mtge 5s 1919___ J-D
$18,510,500] $8.468,OOP1 $132.296,5001
S348.411.700 e Union
Total bonds.
Ferry stock___ 100
e 1st 53 1920...............M-N
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Short-Term Notes
Amal Cop 5s Apr 1 191
Boston.
Philadelphia.
American Cigar—
Week ending
Ser B 43 Mch 15 T2..M-S
Listed
Unlisted | Bond
Listed Unlisted i Bond
June 16 1011.
Balt * Ohio 4
1913 J-D
shares.
shares. share*.
sales.
shares. | sales.
Bethleh Steel 6s 1914..M-N
Ches A Ohio 4f2s 1914.J-D
2,680
3,629,
S31,500 Chic A Alton 5s 1913..M-S
8,742
5,679,
844,000
Baturday___________
6,390
5,424
120,000 Cln Ham A D 4s 1913
12,008
23,000
Monday__ _________ 23,209
J-J
5,405
4,227
152,500 Erie 6s Apr 8 1 91 4 .._A-OS
30.859
104,000
Tuesday___________ 33,103
11,171
11,428
108,300 Hudson Companies—
25,654
119.000
W ednesday.._______ 38,054
6,922
10,439
122,300
19,758
22,500
6s Oct 15 1911.......... A-O
Thursday__________ 26,250
4,331
7,975
258,798
13,646]
28,200
20,658
6s Feb 1 1913.......... F-A
Friday________. . . . .
Int & Gt No 53 Tr Co ctfs
43,122| $799,398 K C Ry & Lt 6s T2___ M36,899
T ota l..____ _____ 150,616 107,6021 $340,700
Mlnn A St L g 5s 1913 ..F-A
Mo Kan * Tex 5s May 1’ 13
__
$10,000

O u ts id e S e c u r itie s

80
119
109
05
40

110
111

65
95
90
92

53
99
10534
97
25
60
25
98

'Industrial and Miscel
g Cruclhle Steel______ . 100
g Preferred................ 100
Davls-Daly Copper Co. ..10
g Diamond Match <0. . .100
du Pont (E I) do Nem Po 100
e Preferred_________ . 100
e Gold 4 An 1930... _J-t>
Electric Boat_________ . 100
Preferred .................. . 100
Empire Steel................ .100
Preferred............
. 100
g General Chemical___ 100
83
g Preferred................ Kill
12012 Gold lllll Copper.
... 1
Greene-Cananea .
..20
75
Guggenheim Explor’ n. .100
45
g Hackensack Water Co _
116
Ret g 4s '52 op 1912 .J-J
115
Hall Signal Co com . . .100
76
Havana Tobacco Co__ . 100
Preferred .............. . 100
98
95
1st g 5s June 1 1922 .J-D
Hecker-Jones-Jewcll Milling
1st Cs 1922........ ..... Al-S
98
Herring-IIall-Mar new. .100
55
99*2
lUO*2
99
35
65
27
lOO

100*8 10038
997S 100*8
100 8 1003S
1o034 101
99*8 9938
9j12 99'8
1.!) 1
99
1007S 10 U8

100*2 101

98*4
98*2
90
95*4
997g
93‘ j
98 ’
64*2%
0**2%

98*4
99
92
96

1-0

(
Bid Ask
1314 14
83*2
83
*1
1*4

101

10112

83

87*2

160 165
99
97
84*2 8434
16
10
£0
40
16
10
60
55
132 136
107 110
‘2
*7ie
*7I« 7%
195 203

8
4

11

12

5%

12

£5

____

101

104
26

15

103 105
lst 5s Nov 1930___
73S 8
Houston Oil____ _____ .100
59
Preferred . . ............ . 100 58
g Ingersoll-Rand com . . 100
ion
Intercontinental Rubber 100
Interuat’l Banking Co. .100
International N ickel... . too
Prelerred.................. .100
1st g 5s 1932............ A-O
International Salt........ .100
1st g 5s 1951.......... A-O
International Silver__ .100
Preferred.................. .100
1st 0s 1943.............. J-D
Internat Smelt A Relg. .100
Intermit Time Record .100
Prelerred . _______ . 100
Jones A Laughlln Steel Co
1st s f g 5s 1939........ Al-N
g Lackawanna Steel__ . 100
g 1st con 5s I960... .Al-S
g Deb 5s 1915.......... Al-S
Lanston Monotype___ .100
Lawyers' Mtgo Co____ .100

90

100

27
___

___
27*2
95

220 - - _•
99 100*2
9$12 99*2
6
8

/ 48
80
113
in

121

250
115

52

110 ;
115

112

129
300

120

102

103
45
40
. . . . 86*4
___ U434
96*8
95
270 275

g Lorlllard (P) pret___ .100 140 150
65
Madlsou Sq Garden.. . .100 55
2d 6s 1919..........
M-N 05 __ Manhattan Transit___ ..20
*314 3*2
Bid Ask
B id
A sk
83*2
Street Railways
83
Street Railways
g May Dept Stores.. . .100
lit
111
Pub Serv Corp N J (Con)—
New York d ig
g-Mlaml Copper— See Stock Excll use
10038 101
21
New’k Pas Ry 5s '30. .J-J 10712 ___
10) 100*4 Monongaliela U C oal... -.50 *1014 101j
Blecok St A Ful Fy stk.100
15
55
99
Prelerred.................. ..5 0 *32*8 33
65
Rapid Tran St lty .. . .100 239 240
1st mtgo 4s 1950.......... J-J
99*8
99
99*4 Mortgage Bond C o.. . .100 110 115 1
1st 5s 1921______ A-O 102 ___
B’y & 7th Ave stk.......... 100 120 132
5s June 1 1913 op t-.J-D
J C Hob A Paterson109 110*2
99 101
2d mtge 5s 1914.......... J-J
South Ry g 5s 1913___ F-A 1001s UK)3S Nat Bank o( Cuba........
4s g 1949.............. M-N 76*4 77*4 Tidewater 6s. 1913, gu ar... 101*2 102 1g National Surety____ .100 L'40 247*2
Con 5j 19' — See Stock Exe list
So J Gas El A Trac.. .109 134 138
'a
B’way Surface 1st 5s gu 1924 10U2 103
96
97
Nev-Utah Min A Sm__ ..U ) * u 10
Wabash 4.%s 1913___ M-N
60
90
30
Gu g 5t 1953........ M-S 9812 U9*2 West Telep & T 5s '1 2 .F-A 100% 100’s a New Central Coal........ .20
Cent’l Crosstown stock.. 100
1st mtge 6s 1922___ Jl-N t 80 ’ 85
No Hud Co Ry 6s 1914 J-J 101 ■. __ Westlngh’se El A M 6s 1913 1013S 101% N Y Air Brake Os—See Stock Exc list
25
20
5s 1928................. .J-J lu 2
Con Pk N * E Rlv stock. 100 10
s96 a New York Dock_____ 100
o5% notes Oct 1917-A-O
66 ;
Ext 5s 1924.......... M-N 95
Ohrlstoph’l A 10th St stk 100 100 115
e Preferred ...............100
Pat Ry con 6s 4931. .J-D 114 ____
Col A 9th Ave 5s—See Stock Exe list
N Y Mtge A Security__ 100 217 220 Railroad
5
2d 6s opt 1914__ A-O 101l2 103
*3
Dry Dock E B & B—
N Y Transportation........ 20
Chic Peor A St L—
08
95
1st gold 5s 1932----------J-D 95 100 So Sldo El (Chic)—See Cli ieago list
NUes-Bem-Pond com__ 100
94
Prior lien g 4Hs '30.M-S / 90
Syracuso R T 5s 1916 . M-S 101 103
40
Sorlp 5s 1914.............. F-A / 30
Nlplsslng Mines__________ 5 *10*4 10*j
Con mtgo g 5s 1930...J-J f 40
97 1UO
Trent P A H 5s 1943.. .J-D
Eighth Avenue stock___ 100 250 310
5
15* Ohio Copner Co_________ 10 * 1^2 1%
Income 53, July 1930___
United Rys ol St L—•
Scrip 6s 1914.............F-A / 95 100
Chicago Subway............. 100
378 4% Ontario Power Co—
06*4 98%
10' 11
Com vot tr ctls........ .100
1st g 5s 1943 opt ....F - A
42d A Gr St F’ y stock.. 100 200 225
Northern Securities Stubs. . 100 103
11;
2*4
e Prelerred .......... .. .100 39*4 39l2 Pitts Bess A L E...............50 *30
e Ontario Silver........ ...... 100
35
42d St M A St N A v e ...100 . . .
75
72
60
Gen -Is 1934—See Stock Exc list
70
Otis Elevator com.......... 100
2d Income 6s 1915...J-J / 40
Preferred...................... 50 *64
Unit Rys San Fran—See Stk Exc list
Preferred.....................100 103 105
Inter-Met—Sec Stock Exch ange list
e Railroad Securities Co—
35
Wash lty A El Co........ .100 34
88
Pittsburgh Brewing____ 50 *1978 20%
Lex Av A Pav F 5s—See Stk Exc list
111 C stk tr ctfs ser A__ 52
Preferred.................. .100 88I4 89*4 Seaboard Company—
Metropol St Ity—See Stk Exc list
Preferred...................... 50 *12*2 43
4s 1951................... J-D 84% 85*4
Ninth Avenue stock____ 100 150 175
1st preferred............... 100 87 88 e Pittsburgh Steel pref.. 100 101 ____
56
63
13
Exc list
Second Avenue stock___ 100
9
Pope Mfg Co com_____ 100
Com A 2d pref—See Bal
77 ■
48
Con30l 5s 1918..............F-A ( 44
tias Securities
Preferred.....................100 75
West Pac 1st 6s 1933..M-S 92% 927g
• Sixth Avenue stock___ 100 124 130
Pratt A Whitney pref..100 102*: 105
110
75
90
Neio York
Sou Boulev 5s 1945____ J-J 65
Producers
Oil.............
100
Industrial and Miscel
92
Cent Un Gas 5s 1927... .J-J lOlli 103
So Fer 1st 5s 1919............A-O 80
Adams Exp g 4s 1947..J-D / 877s 88% cRay Consol Copper—See S tk Ex list
Con Gas (N Y ) —See Stock Exc list
Third Avenue UR—See Stk Exc list
Realty Assoc (Bklyn)__ IOO 112 114
Ahmeek Mining__________25*sl70 sl75
80
g Mutual G a s.............. . 100 177 185
Tarry W P & M 5s 1928.. / 60
Royal Bak Powd com .. .100 190 195
Alliance Realty______ J.100 125 130
85
Y'kers St RR 53 1946 A-O 80
New Amsterdam Gas—
Preferred.............
100 108*2 109*1
American Book_________100 163 167
22
38th A 29th Sts 5s ’9 6 ..A-O / 15
1st consol 5s 1918... -J-J 102 103
Safety Car Heat & Lt__ *01 121 123
American Brass_________100 123 126
Twenty-third St stock.. 100 190 215
* 49
N Y & E It Gas 1st 5s '44 J-J 104*2 1061" American Chicle c o m ... 100 260
Seneca Mining................
104
102*2
Consol 5s 1945.......... .J-J 100
Union lty 1st 5s 1942.. .F-A 10112
Preferred____________100 105 108
Singer Mfg Co................. 100 280 290
75
00
Westchester 1st 5s '43 J-J 65
6
N Y * Richmond Gas. .100 50
Am Graphophono com ..100
534 10
South Iron & S com___ 100
2
10
Nor Un 1st 53 1927___ M-N 100 102
Preferred____________100
25 29
Preferred.....................loo
6
Brooklyn.
e Standard Gas com__ .100 79 ___ Amer Hardware_______ 100 131% 133
Standard Cordage.......... 100
‘4
18
e Prefe-red________ .100 95 __ _ Am Malting 6s 1914___ J-D 100 10112
Atlan Avenue RR—
,
1st M g 5s '31 red.. .A-O r 14
1st os 1930................ Al-N 104 100
3
Con 5s g 1931_______ A-O 101*2
Amer Press Assoc'n___ 100
95 100
Adjust M 5s Apr 1 1931.. / 2
45
B B & W E 5 S 1933___ A-O 98
Am St Found new—See S tk Ex list
Standard Coupler com .. 100 42
Other Cities.
Brooklyn City Stock........ 10 168
6s 1935...................... A-O 102!2 10312
Preferred.......... .......... 100 106 115
16
Am Gas A Elec com__ ..5 0 *56
56%
17*4
Con 5s—See Stock Exch vnge
g Standard Milling Co__ 100
Deb 4s 1923..................F-A
68 70
59
61
Preferred.................. ..5 0 *43Q 44 2 American Surety................60 280 29j
e Preferred_______ ...1 0 0
Bklyn Ilgts 1st 5s 1911 A-O 98
Amer Light & Tract.. . .100 294 297
elst 5s 1930...............M-N
Bklyn Queens Co A Sub—
American Thread pref___ 5 *434 5*4
Standard OH of N J ........ 100 650 655
Preferred . .
« 1st g 53 '41 op 1916 .J-J 98
.100 106 107
Am Tobacco Co com____ 100 408 412
Bay State Gas.............. ..5 0 *7-10
Studebaker Corp com .. 100 06*2 67
« 1st con 5s '41 op '16 M-N 97
l2 Amer Typef'ders com__ 100 52 55
Blngh’ ton (N Y) Gas Wks
Preferred________ ..lo o 106*2 106
Bklyn Rap Tran—See Stock Exc
Preferred .............
100 100 102
1st g 5s 1938..
99
Sulzberger* Sons too pf.100 100*2 101*2
Coney Isl A Bklyn____ 100
50
A-O 95
Deb g 6s 1939............ M-N
99 100
Brooklyn Un Gas—See Stk Exc list
1st cons g 4s 1948___ J-J 78
Amer Writing Paper___ 100
1% 2I4 Swift A Co—See Boston Stk Exc list
Buffalo City Gas stock .100
3
5
1st 5s. See Chicago Stk Exc list
Con g 4s 1 9 5 5 ........... J-J 75
^Preferred—See Stock Ex ch’ge list
1st 5s 1947—See Stock Exc list
Brk C & N 5s 1939...J-J 98
elst s f g 5s 'lored 105J-J 90
90t2 Texas Company—See Stock Exc list
Cities Service Co_____
68
69
g Texas A Paclllc Coal.. 100 98 102
Kings Co El 4s—See Stock Exc
Atl Gif & W ISS Lines.. 100 10 2 11
Preferred.................. .100 78
79
Title Ins Co of N Y -._-.1 0 0 125 135
Nassau Elec pref............. 100 —
Preferred.....................100 ------? 21
92
Con Gas of N J 5s 1916 .J-J
91
Tonopjh Mlu (Nevada)— 1 *534 6
5s 1944...................... A-O 103
Col tr g 5s 1959............J-J
70 72
Consumers' L H A Pow
4
8
1st 4s 1951—See Stock Exc
Barney & Smith Car____ 100 n20 25
53 1938___________ .J-D 100
55
Preferred new
50
N W’b’g A Flat 1st ex 4 As
92
Preferred..................... 100 nSO 90
Denver Gas A Elec----- .100 191)
35
25
Trow Directory.
Steinway 1st 6s 1922__ J-J 103
BU33 Company com_____ 50 115 120
Gen g 5s 1949 op----- Al-N 93>2 95
StkiE x list
Preferred___________ 50 123 126
Elizabeth Gas Lt C o ... .100 309
41
Older Cities
40
Bond & Mtge Guar..........100 250 255
Esaox * Hudson Gas.. .101) 140 145
111)
Buffalo Street Ity—
Borden's Cond Milk___ 100 124% I2c%
83
Gas & El Bergen C o.. .101
84
1st consol 5s 1931___ F-A 104 105
103 105
Preferred___________ 100 108>2 110
g Gr Itap 1st 53 1915 . . . F-A 99 100
62
Deb 6s 1917...............A-O 104 105
*50
British Col Copper........ £ *5*s 5%
8514 Hudson Co Gas---------- . lOt 138 142
*5212 54
Columbus (O) St Uy___ 100 . . .
Butte Coalition Mining. 15 *19% 193j
Indiana Lighting C o ... .100 33
30
59
Casein Co of Am com— 100
2U 3
Preferred ...........
100 __ 100
67
6JI4 6934
4s 1958 op................ .F-A
Colum Ry con 5s—See Phi ta list
104 105
Preferred____________100
50 57
18 - -Croast’n 1st 5s 1933..J-D 10134 10212 Indianapolis Gas.......... . _5t
2R 3*2
Casualty Co of A m er...100 125 140
80
$ Conn Ry A Ltg com__ 100
73*2 75
1st g 5s 1952............
91
18
14
Celluloid Co..................... 100 132 135
82
Jackson Gas 5s g 1937. .A-O ) 90 100
e Preferred.................100 81
Cent Fireworks com------ 100
5 10
215
1st A ref 4 433—See Stock Exc list
g Laclede Gas— See Stock K xch 11 3t
. ••
70
Preferred.......... ..........100
15 40
. IOC
CJrand Rapids lty prof.. 100 S2
85
Chesebrough Mfg Co-------100 700 800
115 116
4 Loulsv St 5s 1930___ J-J >10534
Madison Gas 6s 1920.. A-O 103 108
97
gChlno Copper Co— See Stoc i Exc 11st
92
' Lynn A Bos 1st 53 1924.J-D 106 I "
Newark Gas 6s 1944 — -Q-J 128 130
City Investing Co............100
60 62
105 110
4 New Orl Ryj A Lgt.__100 33
Newark Consol Gas----- .100
98
99
Preferred..................... 100
98 100
100 105
.
_
e Preferred.................. 100 720 '73"
g Con g 5s 1948------- .J-D 104
e Claflln (H B) com..........100
95 100
95 100
‘ Gen M g 4 'As 1935 —See s tk Ex list No Hudson L II A Pow
29
g u S Indust Alcohol . .
25
e 1st preferred............. 100
91 95
«Fub Serv Corn of N J—See Stk E XI 1st
53 1938.................... .A-O 100
99
e 2d preferred..............100 92
93
Tr ctts 2% to 6% perpei 106%
Paclllc Gas A E, com .. .100 6412 65
Col * Hock Coal A I pf.100 . . .
U S Steel corporation—
' C dtr g 5% notes '13 A-O 100%
Preferred........ ......... _ 10C 87
88
1st g 5s 1917................J-J / 45 75
114 114*2
‘ North Jersey St R y .. 100 60
I’at A Pas Gas A Elec. .lo t
92
94
Col tr 6s Oct 1956____ J-J / 45 75
114 114%
1st 4s 1948.............M-N 77
g Con g 5s 1919----- M-S 101 103
Consol Car Heating------ 100
54 56
90 - - —
Com Tract of N J___ 100
77
3t Joseph Gas as 1937 ..J-J
91
78
94
C01130I Rubber Tire----- 100
3% 43s
1st 53 1933.............J-D 10434 IO5I4
Preferred..................... 100
27 30
160 160
Debenture 4s 1951..A-O / 43l2 45
♦148*2 149J
106 110 _
.♦Par share. t> Basis. * Sells on S t u d Exonaiga, but not very active. , Fiat price, n Nominal. s Saio pries. .N e w s t o o * . * E i-U iv. ._>JiIfcl!WtSI
AH bond ortce* nre now "and Interest" except where marked " f ."




07

4 'An Jan 1912-1925.
N Y cent 4An 1914..

98*2
4*4%
4*4%
100*8 iDOdg
100I2 101

June

17 191 1.1

1629

TITE C H R O N IC L E

Jtti v e s t w e n t

am t

R A I L R O A D

d ailcaaci
G R O S S

In telligen ce.

E A R N I N G S .

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return*
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
We add’ a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
penod. The returns oj the electric railways are brought together separately on a subsequent page.
Latest Oross Earnings.
ROADS

Week ir
Month.

Current
Year.

July 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

1Ala N O & Tex P a c$
5
■ N O & Nor E ast. May3 ,2 1 9 ,7 4 5
3 .3 3 2 .7 0 6
2 9 2 ,2 7 1
2 8 8 ,8 5 9
• Ala & Vicksburg May
1 ,5 0 4 ,4 5 7
1 ,6 5 0 ,4 8 5
1 3 2 ,8 9 5
1 3 6 ,3 7 4
Vloks Shr & P a c. May
1 .3 3 3 .2 5 6
1 ,3 8 5 ,0 9 3
1 0 2 ,0 7 7
1 1 3 ,1 7 0
lA la T en n & N orth. April
7 0 .4 2 8
1 0 0 ,2 8 4
9 ,0 0 2
7 ,5 2 3
lAnn A rbor____
1st wk Jun
1 ,7 5 8 ,2 4 8
1 ,8 3 6 ,4 1 1
4 1 ,5 3 7
3 3 ,6 1 0
A tch Topeka & S Fe A p ril____ 8 , 0 0 7 , 7 4 8 9 ,3 8 6 , 6 3 1 9 0 , 4 4 0 , 6 5 9 8 7 . 4 4 2 . 6 8 1
Atlanta Blrm & Atl 1st wk Jun
2 ,4 3 0 , 8 3 1
2 .6 4 7 .9 4 6
5 0 ,7 8 0
4 0 .2 0 0
Atlantic Coast Line A p r il____ 2 ,8 3 5 , 4 4 2 2 ,8 1 2 , 4 0 1 2 6 , 7 0 2 , 0 1 2 2 5 , 1 9 8 , 5 9 8
0 Baltimore & Ohio A p r il____ 0 , 8 8 8 , 2 1 8 7 . 3 4 1 . 8 4 0 7 3 , 1 6 5 , 2 5 8 7 3 , 0 3 4 . 7 8 7
B & O Ch Ter UR A p r il_____
1 ,0 4 7 ,4 1 8
1 1 3 ,1 1 8
1 ,2 2 7 , 3 0 0
9 7 ,8 1 5
Bangor & Aroostook A p ril_____
2 ,5 3 1 , 5 2 1
2 6 4 ,2 2 4
2 6 5 ,4 9 4
2 .6 3 8 .9 4 7
Boston Sc .Maine.
A p r il_____ 3 ,5 0 4 , 0 0 1 3 , 5 3 9 , 6 8 5 3 7 , 0 7 2 , 2 3 9 3 6 , 0 8 2 , 1 4 9
1 Bridgeton & Saco n April
4 2 ,5 9 5
3 ,2 3 6
4 3 ,2 7 1
3 ,6 1 0
g u ff Roch & Plttsb 1st wk Jan
8 .3 6 2 .2 5 6
1 7 9 ,8 2 8
2 1 2 ,8 9 6
8 ,6 1 0 ,2 3 3
Buffalo & Susq____ April
1 .8 1 9 . 7 2 9
1 8 3 ,5 2 0
1 0 4 ,2 1 3
1 ,9 5 5 ,6 0 6
Canadian N orthern. 1st wk Jun 3 2 0 ,9 0 0
2 6 6 , 2 0 0 1 4 ,0 5 4 ,8 0 0 1 1 , 8 5 8 , 8 0 0
; Canad.an P a c ific ... 1st wk Jun 2 , 0 7 1 , 0 0 0 1 ,8 4 1 , 0 0 0 9 6 , 5 5 8 , 1 0 1 8 7 , 8 5 9 , 5 5 7
.Central of Georgia. 1st wk Jun 2 0 3 . 7 0 0
1 9 4 ,2 0 0 1 2 ,2 1 6 ,3 8 2 1 1 ,3 8 5 ,3 9 1
[Central of New j e r . A p ril_____ 2 ,4 5 7 , 8 3 2 2 , 4 8 1 , 5 4 6 2 4 , 1 6 5 , 2 1 3 2 3 , 3 1 4 , 9 3 3
; Central Verm ont___ April--------- 3 2 1 ,1 7 3
*11,111 3 , 2 7 1 , 9 7 8 3 , 1 4 4 , 1 5 6
Chcs & Ohio Lines. 1st wk Jun 5 4 7 ,0 1 7
5 8 9 ,3 1 7 3 0 , 4 0 0 , 9 2 3 2 9 , 3 1 0 , 9 2 6
!Chicago & A lt o n ... 1st wk Jun 2 8 0 , 6 3 7
2 5 6 ,8 1 9 1 3 ,5 4 4 ,8 9 9 1 2 , 5 1 6 , 4 7 6
[Chlo Burl & Qulnoy A p r il_____ 6 ,4 2 3 ,3 1 1 6 , 8 0 3 , 5 9 4 7 4 , 3 2 8 , 2 1 7 7 3 , 9 5 1 , 3 9 0
\V Chlo Great W est. 1st wk Jun 2 3 5 ,4 7 3
2 3 3 ,6 8 7 1 1 , 7 9 9 , 2 7 0 1 1 , 3 0 2 , 7 0 2
Chic Ind * L oulsv. 1st wk Jun 1 1 6 ,7 2 5
1 1 6 ,5 9 9
5 ,6 0 6 ,8 6 6
5 ,7 7 3 ,2 7 7
Chic MUw & St Paul A p ril_____ 4 . 7 7 1 . 7 6 3 5 ,4 8 0 , 3 3 6 5 4 , 7 5 3 , 0 5 3 5 3 , 9 7 4 , 7 0 5
Ch Mil & Pug S d . A p ril_____ 1 , 1 3 1 , 5 9 9 1 , 2 9 2 , 8 9 9 1 2 ,0 8 1 ,7 8 4
Chlo & North W e st. A p r il......... 5 , 5 1 8 , 4 9 5 5 , 7 8 7 , 0 1 5 6 2 , 5 6 0 , 5 0 0 6 1 , 5 2 "i "5 6 9
;Chlc St Paul M & O A p r il......... 1 ,1 3 1 , 4 7 9 1 ,2 2 5 , 9 2 0 1 3 , 6 8 9 , 1 0 5 1 2 , 6 4 2 , 0 9 4
IChlo T H & South E A p r il.........
1 4 7 ,1 2 0
1 0 4 ,4 1 0
1 .7 2 5 .1 8 8
1 .5 0 4 .7 3 7
i.Cln Ham & Dayton April
7 5 c ,603
7 5 8 ,0 3 1
7 ,8 3 2 ,3 3 1
7 ,9 2 3 ,4 9 8
; Colorado M id lan d ., April
121,666 1 8 1 .2 8 2 1 .6 2 1 . 7 0 7 1 ,9 6 8 , 0 4 2
tColorado & S o u th .. 1st wk Jun 2 2 6 , 4 3 6
2 8 2 , 5 7 9 1 4 ,9 7 1 ,0 8 9 1 5 ,7 0 7 ,3 2 1
iCopper Range_____ M a rch ____
5 5 ,2 9 2
5 6 0 ,3 8 3
6 3 ,4 1 5
5 2 1 ,3 6 7
-C o rn w a ll........... ...... A p r il.........
1 3 ,9 4 5
1 7 0 ,6 4 5
1 7 .2 0 1
1 3 5 .7 7 3
Cornwall & L e b a n .. April
2 2 ,4 2 4
3 0 ,8 9 1
3 6 4 ,7 3 6
2 7 5 ,8 4 2
Cuba Railroad_____ April
3 0 1 ,1 8 3
2 .1 0 0 .7 3 7
2 7 8 5 9 4 2 .5 2 9 .1 8 9
[.Delaware * Hudson A p r il_____ 1 , 7 5 4 , 9 2 7 1 .7 5 6 .8 4 1 1 7 , 3 8 4 , 3 8 8 1 6 , 5 8 6 , 1 8 0
Del Lack & W e s t ., A p r il_____ 2 , 9 2 8 , 1 0 7 3 , 1 1 6 , 4 9 0 2 9 , 6 2 6 , 3 9 9 2 9 , 7 3 2 , 6 0 0
i Denv & R io Grande 1st wk Jun 4 2 9 .0 0 0
4 3 0 ,8 0 0 2 1 ,9 1 2 ,8 3 3 2 1 ,9 5 9 ,9 5 3
Denver N W & Pac 4th wkMay
2 3 ,2 1 8
9 5 5 ,5 5 6
2 2 ,5 2 6
8 8 2 ,8 1 5
Detroit Tol & Iront 1st wk Jun
2 5 ,9 0 8
1 ,4 8 3 ,3 4 1
1 ,6 9 3 ,7 9 5
3 2 ,6 5 4
Detroit <5c Mackinac 1st wk Jun
1 9 ,3 3 1
2 4 ,1 0 5
1 ,1 4 3 ,9 3 8
1 ,1 0 0 , 0 5 8
! Dul & Iron R a n g e .. April
2 6 9 ,3 4 9
4 2 5 ,6 7 5
5 ,8 0 5 ,5 1 9
7 ,2 3 5 ,2 9 8
Dul Sou Shore & A tl 1st wk Jun
6 9 ,5 1 0
6 3 ,3 7 3
3 ,0 7 4 ,0 2 2
2 ,9 3 9 ,6 7 0
[El Paso & Sou West A p r il.........
5 5 8 ,4 3 3
6 ,0 7 1 ,8 9 1
6 7 4 ,6 8 2
6 ,0 1 6 .6 7 3
[ E r i e ------ „ -------------- A pril.......... 4 , 3 9 9 , 6 3 0 4 , 2 8 2 , 6 7 0 4 0 , 9 0 5 , 3 3 6 4 5 , 6 9 1 , 1 6 1
Fairchild * N E ___ A p ril..........
1 ,8 0 7
2 ,6 7 6
2 1 .4 2 8
1 9 ,6 8 0
Fonda Johns & GIov A p r il_____
7 3 ,6 7 1
8 2 ,4 5 6
7 7 5 ,1 1 2
7 4 5 ,5 4 9
Georgia Railroad . . April
2 4 2 ,2 6 0
2 4 5 ,7 4 5
,7 6 1 ,8 4 5
2 ,6 0 1 ,2 5 4
Grand Trunk S yst. 4th wkMay 1 , 3 4 1 , 8 4 7 1 , 2 0 8 , 1 0 3 4 1 , 1 5 9 , 8 8 5 3 9 , 9 7 8 , 2 6 4
■ Grand Trk W est. 4th wkMay 1 5 9 ,6 3 6
1 6 3 ,6 0 2
5 ,7 4 2 ,6 3 4
5 .6 7 6 . 7 2 9
■ Det Gr H & MlHv. 4 th wkMay
5 0 ,8 6 0
4 8 ,9 8 2
1 ,8 2 6 ,6 6 3
1 ,8 8 0 ,0 4 9
: • Canada A tlantlo. 4th wkMay
6 1 ,6 9 7
5 7 ,0 4 0
1 .8 5 8 .6 8 1
1 ,7 6 6 ,2 4 7
i Great Northern Syst M a y _____ 4 .9 9 1 .7 6 4 5 , 7 0 8 , 0 1 4 5 5 , 6 5 1 , 4 5 0 5 8 , 4 0 7 , 4 3 2
Gulf & Ship Island. A p r il_____
1 6 0 ,1 5 4
1 .7 8 1 .2 7 6
1 6 9 ,0 1 8
1 ,6 8 5 ,0 1 0
D ocking Valley____ A p ril.........
4 8 0 ,5 7 8
6
.3 7 3 . 2 7 7
0 ,0 2 1 ,7 1 5
4 3 4 ,2 6 1
Illinois C entral____ May _____ 4 , 9 3 2 , 4 5 8 4 , 6 5 8 , 3 3 7 5 6 , 4 9 9 , 5 6 8 5 3 , 7 0 0 , 1 2 3
jlnternat & Gt N or. 1st wk Jun
1 3 8 .0 0 0
8 ,6 1 3 ,7 9 6 : 8 ,0 5 6 ,1 3 1
1 3 2 ,0 0 0
a Intoroccanlc M ox . 1st wlcJuue 1 4 8 ,0 1 9
8 ,2 1 8 ,3 5 7
7 ,9 6 6 ,3 7 1
1 5 9 ,1 0 0
‘Iow a Central.
1st wk Jun
6 0 ,5 1 7
3 ,1 5 6 ,5 7 5
3 ,2 8 5 ,9 3 1
6 1 ,7 2 8
iKanawha & M ich .. A p r il_____
2 1 3 ,9 2 2
2 ,2 7 8 ,4 7 0
1 9 5 ,5 7 2 1 2 , 5 6 0 , 9 1 2
(Kansas City South. April______
7 3 8 ,9 2 0
7 ,9 7 4 ,2 7 4
8 ,5 5 8 ,9 6 6
8 0 0 ,0 4 8
iK C Mex & Orient. 2d wk Apr
3 4 ,0 0 0
1 ,3 5 7 ,4 1 8
3 3 ,8 0 0
1 , 5 4 7 ,9 6 1
Lehigh Valley_____ A p r il......... 3 , 1 8 7 , 4 1 1 3 , 3 0 6 , 1 3 6 3 0 , 4 8 0 , 1 5 7 2 9 , 7 3 4 , 6 9 1
(Lexington & E a s t.. April .
4 8 ,9 4 4
3 7 4 ,4 0 3
4 2 7 ,2 8 5
4 5 ,1 5 0
Louisiana & A rkan. A p r il.........
1 1 3 ,2 4 8
1 2 2 ,1 5 7
1 ,0 9 4 , 1 4 0
1 ,2 0 9 ,1 8 0
iLouIsv Hend & St L April .
8 8 ,9 2 9
0 5 ,8 7 8
1 ,0 1 7 ,5 5 8
9 9 2 ,4 4 4
'* Loulsv & N a sh v .. 1st wk Jun 0 4 6 , 4 5 0 1 ,0 0 5 , 1 5 0 5 0 , 7 8 3 , 3 2 2 4 9 , 2 0 4 , 7 2 4
Macon & Blrm'ham A p ril_____
1 0 ,3 7 8
9 ,6 0 5
1 2 8 ,7 6 2
1 3 3 ,2 0 9
Maine Central_____ A p ril_____
7 0 0 ,5 3 5
6 9 7 ,8 0 4
7 ,4 7 0 ,2 0 3
7 ,4 0 1 .4 2 6
(Maryland & Penna. A p r il.........
3 8 ,7 1 6
4 0 ,0 8 2
3 6 5 ,3 1 9
3 1 2 ,8 1 2
a Mexican R allw ay. 4th wkMay 1 7 3 .7 0 0
2 0 3 ,9 0 0
7 ,8 4 5 ,5 0 0
7 ,4 1 3 .1 0 0
(Mlneral Range_____ 1st wk Jun
1 3 ,5 2 3
1 4 ,9 4 9
6 9 7 ,7 6 6
7 7 7 ,2 0 1
MInncap & St Louis 1st wk Juni
8 7 ,9 7 5
9 4 ,5 9 5
4 .7 8 6 .1 1 8
4 ,6 0 9 ,4 6 0
Minn S t P & S S M 1 1st wk Jun 4 2 7 ,6 0 2
4 5 7 ,2 5 6 2 0 ,4 9 9 ,3 8 3 2 2 ,4 7 8 ,9 8 1
Chicago Division]
Mississippi Centra', A p ril.........
7 4 ,1 3 5
7 7 ,2 1 5
7 6 9 ,3 6 9
7 3 7 ,8 0 3
u Mo Kan & T exa s. 1st wk Jun 4 4 2 ,5 3 4
4 1 6 ,1 3 2 2 7 , 2 9 4 , 7 2 0 2 5 , 0 0 9 , 3 2 7
Missouri Pacific____ 1st wk Jun 9 2 2 , 0 0 0
9 0 4 ,0 0 0 4 9 ,7 6 5 ,9 9 6 4 9 ,6 9 9 ,5 2 3
INashv Chatt & St L A p r il......... 1 , 0 2 6 , 7 7 9
9 7 0 , 6 2 5 1 0 ,3 1 4 ,1 1 7
0 ,6 0 4 ,4 4 7
W Nat Rys of M o x .f. 1st wkJunc 1 ,0 1 7 ,5 6 8 1 ,8 1 4 ,1 3 1 5 7 . 5 2 5 . 4 4 6 5 0 , 7 6 7 , 7 9 7
[Nevada-Cal-Oregon. 1st wk Jun
8 ,1 6 0
3 1 4 ,1 3 8
8 ,8 0 9
4 2 2 ,6 2 1
■Nevada Central____ A p r il.........
8 ,2 1 4
2 ,4 0 2
7 1 ,6 7 8
5 0 ,2 3 0
iN O Great Northern A p r il.........
1 3 9 ,2 4 0
1 4 6 ,4 3 1
1 ,4 0 9 , 3 0 7
1 ,1 0 8 ,9 2 0
'N O Mobile & C hic. Wk Juno 3
3 1 ,3 0 7
1 ,6 8 0 ,5 9 8
3 3 ,2 9 1
1 ,5 4 8 ,3 5 5
* N V C 4 Hud Rlv A p r il_____ 8 , 3 6 9 , 1 2 3 7 , 7 4 2 , 4 9 6 8 4 , 4 5 4 , 7 8 9 8 0 , 8 4 2 , 5 0 6
, Lake Shore & M S A p r il......... 3 , 7 6 4 , 5 7 1 3 , 7 7 0 , 3 2 4 4 0 , 5 8 8 , 7 8 2 4 0 , 3 4 7 , 7 5 4
I • n Lake Erie & W A p r il_____
3 9 2 ,4 7 0
4 0 8 ,1 2 7
4 ,6 2 4 ,2 8 9
4 .6 0 9 .4 3 7
I,- Chlo Ind & South A p r il.........
3 2 0 ,2 5 2
3 0 9 ,7 1 3
3 ,0 7 8 .2 4 1
3 ,2 0 9 ,3 5 9
i, Michigan Central. A p ril......... 2 , 3 6 6 , 3 8 6 2 ,3 7 8 , 8 0 2 2 5 , 0 3 4 , 1 2 1 2 4 , 0 6 4 , 8 1 4
'■ Clove C C & St L . A p r il......... 2 , 3 9 9 , 1 5 4 2 ,2 7 4 , 9 5 9 2 5 . 7 7 3 . 4 4 6 2 4 , 6 1 1 , 3 0 0
“ • Peoria Sc Eastern A p r il.........
2 2 6 ,6 6 2
2 4 9 ,2 9 1
2 .0 0 7 .1 1 8
2 ,7 2 1 ,0 8 4
;■ Cincinnati North A p r il.........
7 0 ,5 7 7
9 6 ,5 9 0
1 ,0 5 3 , 9 0 5
• Pitts Sc Lake Erie A p r il_____ ,1 3 0 , 9 4 6 1 , 1 0 3 , 0 8 0 1 3 , 1 4 8 , 8 4 5 1 14 ,, 02 30 88 ,, 91 52 89
L;. N Y Chic & St L . A p r il.........
9 0 7 ,6 7 5
0 5 6 ,3 0 6
9 ,3 4 9 ,1 2 2
9 .1 3 6 .4 3 8
T
aI S
A.c Ohio
nhiA C
Pnnt
Tol
ent. A p r il.........
3 3 4 ,9 0 7
1 7 0 ,2 1 3
4 ,2 3 3 ,4 5 3
-■ T ot all lines above A p r il......... 2 0 2 9 1 7 2 3 1 0 4 5 0 9 0 1 1 6 6 6 4 7 3 4 2 231,0544504, 71 00 76
N Y N II Sc H a r t f.. A p r il......... 5,155,362 5 , 0 7 9 . 3 5 2 5 1 , 4 0 0 , 9 0 5 4 0 , 8 7 4 , 2 2 1

1

Latest Gross Earnings.
R O A D S.

Week or
Month.

Current
Year.

N Y Ont Sc Western April
6 9 7 ,7 8 1
N Y Susq Sc W e s t .. April ,
3 4 7 ,7 1 3
2 6 1 ,8 3 1
Norfolk S ou th ern .. April
April
,
Norfolk Sc W estern.
2 ,8 3 6 ,5 8 4
Northern Pacific___ April .
5 ,0 0 8 ,9 5 2
Pacific Coast C o__ April
6 2 7 ,8 0 5
Pennsylvania R R . . April
12617244
Balt Ches Sc A tl. April
1 6 ,8 6 7
Cumberland .Vail. April
2 3 6 ,1 6 5
L ong Island......... April
8 0 9 ,0 2 9
M aryl’d Dei Sc Va April .
7 ,7 9 7
N Y Phila Sc Norf April .
2 6 7 ,9 2 9
Northern Central. April .
1 ,1 0 2 , 3 5 8
Phila Balt & W __ April .
1 ,5 5 2 ,4 1 3
W Jersey Sc Seash April .
4 7 9 ,9 4 4
Pennsylvania C o__ April .
3 ,7 1 9 .3 2 7
Grand Rap Sc Ind April .
3 8 9 ,9 1 6
Pitts C ln C h & StL April .
2 ,9 2 4 ,9 2 3
Vandalla . .
April .
7 7 8 ,4 7 7
T otal lines______
East Pitts Sc E . April .
18078647
W est Pitts Sc E April .
8 ,1 7 2 ,6 7 0
All East Sc Wes April .
26251317
Pere Marquette____ April .
1 ,2 4 2 , 6 6 2
R aleigh * Southport April .
1 6 ,4 2 7
Reading Company
Phila & R eading. A p r il_____ 3 , 9 8 1 , 6 9 0
Coal & Iron C o .. A p r il_____ 4 , 7 8 9 , 5 2 1
Total both co s ___ A p r il_____ 0,771,211
Rich Fred Sc Potom A p r il.........
2 3 7 ,4 8 4
R io Grande June___ M a roh ____
7 1 ,6 0 9
Rio Grande S o u th .. 1st wk Jun
9 ,5 1 1
R ook Island Lines. A p r il.......... 5 , 0 5 4 , 1 9 2
R u tla n d ___________ A p r il_____
2 7 3 ,9 5 8
St Jos Sc Grand Isl. A p r il_____
1 2 9 ,9 8 0
St Louis & San Frau A p r il_____ 3 , 1 7 2 , 8 8 0
Chic Sc East 111.. April . .
9 2 3 ,2 6 3
/ Evansv Sc Ter JJ April . .
1 9 0 .3 9 0
T otal all lines__ A p r il......... 4 ,2 8 6 , 5 3 3
St L R ooky Mt & P . April . .
1 0 7 ,2 2 8
St Louis Southwest. 1st wk Jun 1 8 5 ,2 7 7
San Ped L A & S L . iVprll . .
7 7 3 ,3 4 5
Seaboard Air L in e .. 1st wk Jun 4 2 7 , 6 2 9
Southern Pacific Co April . .
10130221
Southern R ailw ay. . 1st wk Jun 1 ,0 6 7 , 2 0 5
M obile Sc O hio___ 1st wk Jun 2 1 3 , 3 2 4
Cln N O & T ex P . 1st wk Jun
1 6 6 ,1 4 6
A la Great South. 1st wk Jun
7 5 ,1 9 4
Georgia Sou Sc Fla 1st wk Jun
3 6 ,8 5 8
Tenn Ala & Georgia 3d wk May
2 ,4 2 7
Texas Sc Paciflo____ 1st wk Jun 2 3 3 ,6 7 4
Tidewater Sc W est. April . .
8 ,5 7 8
Toledo Peor Sc West 1st wk Jun
2 0 ,4 0 4
T oledo St L Sc West 1st wk Jun
6 7 ,8 5 6
Tom blgbee V alley. . A p r il_____
7 ,8 2 4
Union Pacific S yst. A p r il_____ 6 ,6 7 1 , 6 0 6
Virginia Sc So W est- A p r il.........
1 0 1 ,2 5 9
W a o a s h ___________ 1st wk Jun 5 3 9 . 3 9 0
Western M aryland. M a rch ____
5 7 5 ,7 0 2
Wheeling Sc Lake E A p r il_____
5 3 3 ,6 9 7
W ichita Falls Sc NW M a rch ____
6 7 ,8 7 0
Wrightsv Sc T e n n .. A p ril_____
2 4 ,1 3 8
Y a z o o * Miss Valley M a y .........
7 9 0 ,5 9 1
Various Fiscal Years.

Current
Year.

Previous
Year.

7 3 0 ,4 1 4
2 8 6 ,0 4 7
2 4 6 ,7 0 6
3 ,0 8 5 ,3 3 0
6 ,1 8 6 ,1 5 6
6 1 7 ,3 1 0
12730951
1 5 ,9 7 4
2 7 2 ,9 5 6
7 6 4 ,1 5 6
8 ,1 8 1
2 9 0 ,5 9 7
1 ,0 8 1 ,2 3 3
1 .5 3 7 .8 2 8
4 0 2 ,5 5 5
3 ,7 7 1 ,4 1 3
4 1 5 ,1 9 1
3 .1 1 9 .8 2 9
6 9 5 ,0 4 1

7 .7 0 6 .3 5 8
3 ,2 1 6 ,3 7 8
2 ,4 3 9 ,4 4 8
2 9 ,7 1 0 .6 6 5
5 4 ,7 6 0 .7 2 1
6 ,5 2 4 ,5 1 7
131071435
2 2 3 ,3 2 3
2 ,5 4 7 ,2 9 9
8 .1 6 8 ,8 7 2
1 0 9 ,9 1 2
2 ,7 7 6 ,6 8 0
1 0 ,7 6 0 ,1 8 2
1 5 ,7 8 1 ,2 9 8
5 ,0 7 1 , 2 0 5
4 2 .4 9 3 ,5 0 2
4 ,3 3 6 ,2 9 7
3 2 ,7 1 8 ,1 1 .
8 ,8 5 4 ,8 6 2

7 ,0 3 2 ,9 3 8
2 ,9 0 5 ,8 2 7
2 ,2 1 6 ,7 1 3
2 9 ,0 0 9 ,2 5 8
6 1 ,1 9 1 ,3 5 7
6 ,5 4 4 ,2 6 1
133124902
2 1 1 ,0 4 8
2 .4 3 1 .4 0 8
7 .5 9 1 .4 0 8
1 0 5 ,0 6 8
2 ,6 9 0 ,3 0 5
1 0 ,6 8 0 ,6 6 3
1 4 ,7 9 8 ,8 4 9
4 ,5 9 9 ,9 9 5
4 3 ,4 9 9 ,2 6 9
4 ,2 7 4 ,2 5 0
3 2 ,9 8 4 ,8 8 6
8 ,1 3 5 ,1 7 9

18111362
8 ,3 3 8 ,0 0 3
26449365
1 ,3 5 3 ,0 1 3 1 3 ,3 6 2 ,9 6 8 1 3 ,3 7 3 ,9 0 0
1 3 ,9 0 9
1 4 5 ,6 2 4
1 3 4 ,1 8 1
4 ,2 3 4
4 ,4 3 3
8 ,6 6 7
239
84

,6 3 5 3 7 , 7 8 0 ,3 2 6
,100 2 9 , 2 5 5 ,7 1 5
,7 3 4 6 7 , 0 3 6 ,0 4 0
,4 1 0
1 ,9 2 3 ,9 0 8
,9 1 8
7 4 8 .3 7 9
12.7 4 7
5 2 6 .9 1 8
5 , 0 3 4 ,1 5 9 5 7 .1 9 1 .4 4 6
2 5 4 ,6 6 1
2 .8 3 8 ,0 4 6
120 ,6 3 4 1 ,4 3 6 ,6 7 0
3 ,1 8 9 ,4 7 1 3 6 , 5 4 0 ,9 7 8
7 3 7 .7 4 7 1 0 ,4 6 1 ,9 8 5
1 7 4 ,7 6 2
2 ,2 3 1 ,6 7 8
4 ,1 0 1 , ,98 1 4 9 , 2 3 4 ,6 4 1
166, 044
1 ,7 7 8 ,0 7 2
2 0 3 , 8 3 8 11,220 ,4 2 7
2 9 6 , 179
6 ,7 0 6 ,.9 6 8
4 3 5 , 0 9 3 2 0 ,4 3 4 , 8 6 7
1 0 8 3 3 201 1 1 1 5 2 9 7 8 0
1 ,0 9 7 , 6 8 5 5 6 ,7 4 1 , 6 3 8
2 1 7 , 7 0 6 1 0 ,4 7 8 9 5 9
182, 649
8 ,6 0 5 , 4 1 9
80 , 924
4 ,2 0 5 , 4 1 6
3 9 , 071
2 .2 4 4 , 4 0 0
1, 9 8 3
92 531
2 5 7 , ,1 4
1 5 ,0 3 1 7 1 2
7, 2 1 8
72, 603
2
5
4
17,
1,201, 5 8 5
68, 7 2 7 3 , 5 2 3 , 8 9 2
7, 463
74 , 474
7 ,3 5 3 , 3 3 5 7 4 ,8 9 2 , 411
99, 058
1 ,1 3 5 , 231
5 5 8 , 4 8 7 2 7 ,9 3 1 , 9 4 4
65 6, 420
5 ,3 9 6 , 8 4 7
4 6 8 , 939
5 , 6 3 0 , 965
2 4 , 305
8 4 8 , 5 4 6'
2 3 . 630
2 9 3 , 037
8 3 2 , 43
1 0 ,0 6 8 , 0 3 3

Period.

Delaware & H udson_______ . . .
N Y Central & Hudson River e .
Lake Shore & Michigan South
Lake Erie & Western n ___
Chicago Indiana & Southern.
Michigan C e n t r a l...................
Cleve Cln Chicago & St Louis
Peoria & Eastern_________
Cincinnati Northern______
Pittsburgh & Lake Erie_____
New York Chicago & St Louis
T oledo & Ohio Central______
T otal all lines_____ . . .
Pennsylvania Railroad................
Baltimore Chesap & A tlantlo.
Cumberland Valley__________
L ong Island_____________ .
M aryl'd Delaware & Virginia.
N Y Philadelphia & N orfolk..
Northern Central..... ................
Philadelphia Balt & W a s h ...
W est Jersey * Seashore_____
Pennsylvania Company________
Grand Rapids & Indiana____
Pitts Clncln Chic & St L o u is ..
V an dalla____________________
T otal lines— East Pitts & Erie
W est P itts * Erie
All lines E & W .
R io Grande J u n c tio n .._________
R u t la n d _______________________
Texas & Paciflo_______________

Jan
Jan
Jan
Ian
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Deo
Jan
Jan

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

July 1 to Latest Date.

Previous
Year.

Current
Year.

April 30 $ 6 , 6 2 2 , 3 2 3
April 30 31,517,110
April
1 4 ,8 8 1 ,7 0 0
April
1 ,6 8 1 , 8 4 4
April
1 ,2 6 4 ,3 3 2
April 3 0 9 , 3 2 6 , 7 1 2
April 3 0 9 ,5 3 1 , 7 1 1
April 3Q 1 , 0 5 2 , 8 0 9
April 3 0
3 4 9 ,5 9 5
April 3 0 4 , 3 7 9 , 7 6 7
April 3 0 3 , 5 5 9 , 7 6 9
April 3 0 1 . 3 0 9 . 1 5 5
April 3 0 7 8 , 8 5 4 , 5 0 4
April 3 0 4 9 , 1 6 3 , 0 1 0
April 3 0
5 8 ,5 7 8
April 3 0
9 1 0 ,7 8 4
April 3 0 2 , 7 0 7 , 7 5 8
April 3 0
2 8 ,2 5 4
April 3 0 1 , 0 0 2 , 6 4 2
April
4 ,0 9 9 .8 2 5
April
5 ,8 2 5 ,1 6 0
April
1 ,5 1 4 ,0 2 5
April
1 4 ,0 9 0 ,4 7 2
April
1 ,6 1 0 ,3 2 5
April
1 1 ,8 4 5 ,4 1 5
April
3 ,2 0 2 ,4 1 6
April
6 8 ,7 0 9 ,1 7 3
April 3 0 3 2 , 1 5 8 , 7 5 4
April 3 0 1 0 0 8 6 7 9 2 7
Mch 3 1
2 7 0 ,2 4 9
April 3 0
9 7 4 ,5 5 7
June 71 6 , 0 8 0 , 5 8 3

3 7 ,4 6 2 ,6 4 4
2 8 ,2 5 5 ,9 0 3
6 5 ,7 1 8 ,5 4 8
1 ,8 5 5 ,6 2 5
7 9 9 ,8 4 2
5 0 3 ,4 8 0
5 5 ,2 4 8 ,2 9 8
2 ,6 3 4 ,1 9 4
1 ,3 7 7 ,1 5 6
3 4 ,8 4 9 ,8 8 4
1 0 ,0 3 0 ,3 1 0
2 ,0 5 8 ,3 8 1
4 6 ,9 3 8 ,5 8 2
1 ,6 1 0 ,3 9 0
1 0 ,3 2 3 ,4 3 8
5 ,3 0 0 ,6 8 4
1 8 .9 0 9 ,1 9 1
112269067
5 3 ,8 6 6 ,6 3 9
9 ,9 3 1 ,8 1 6
8 ,4 6 3 ,2 0 0
3 ,9 3 0 ,9 7 8
2 ,1 9 3 ,7 4 8
8 2 .5 1 7
1 4 ,8 7 2 ,0 9 1
6 7 ,4 4 3
1 ,0 9 4 ,5 2 5
3 ,5 3 5 ,0 5 6
7 0 ,8 3 9
7 5 ,1 8 3 ,8 9 1
1 ,0 1 7 ,9 3 0
2 6 ,9 8 7 ,1 9 5
5 ,1 8 8 ,2 7 0
5 ,7 1 1 ,5 4 4
2 0 0 ,5 9 9
2 6 9 .3 8 6
9 ,4 5 5 ,1 1 7

Previous
Year.
$6,284,997
30,244,416
15,481,865
1,732,789
1,412,730
9,239,719
9,461,583
1,030,580
385,900
5,151,824
3,731,704
1,229,689
79,102,798
51,712,970
57,043
954,993
2,511,021
26,998
1,015.235
4,086,253
5,700,847
1,431,701
15,730.927
1,606,185
13,124,399
3,179,628
71,009,218
34,956,444
105965662
308,617
901.820
6,529,534

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
4th
1st
2d
3d
4th
1st
;2d
Bd
|4th
jlst

week
week
week
week
week
week
week
week
week
weok

Mch
April
April
April
April
May
May
May
May
June

(48
(45
(44
(45
(42
(45
(44
(42
(47
(38

roads)____
roads)____
roads)____
road s)____
roads)
roads) ”
roads)
road s)’ "
roads) I
r o a d s ).. ’




Cur’nt Year Prev’s Year Inc. or Dec.
5
20,624,029
13,501,355
13,172,553
13,438,037
16,302,363
12,740,745
12,804,714
12,714,017
19,068,495
12,073,538

5
26.969,628
13,267,031
13.313,736
13,400,800
17,827,550
13,095,725
13,105,414
13.222,359
19,029,243
12,362.302

%

$
— 345,599 1.05
+234,324 1.76
— 141,183 1.00
+ 37,237 0.28
— 1,525,187 8.61
— 354,980 2.71
— 300,700 2.29
— 508,342 3.84
+ 39,252 0.21
— 288,764 2.33

Monthly Summaries.

Cur’ nt Year Prev's Year Inc. or Dec.

Mileage C u n . Yr. P rev.Y r.
A u g u s t ____238,493
239,404 254.005,972
S e p te m b e r..240,678 237,809 250,647,702
O c to b e r____241,215 237,835 263,464.605
N o v e m b e r..241,272
237,545
—
.........,248,559,120
December ..2 4 1 ,3 6 4 233,080 236,835.304
J a n u a r y ___242,479 238,866 215,057,017
February ...2 4 2 ,6 4 0 238,603! 199,035,257
M a r c h ......... 237,735 234,2581225,018,971
A p r i l ............230,793 233.082 215,799,079
M a y .............. 87.423
85,7341 63,174,606

235,726,000
246,335,580
260,821,546
247,564,470
220,870,151
210,808,247
202,492,120
236,268,104
223,245,128
02,515,955

%

+ 18,279,972 7.05
+ 10,312,116 4.49
+2.643,059 1.01
+ 994,650 0.50
+ 15,965,153 7.2*
+ 4,248,770 2,01
— 3,456,863 1.78
— 11,249,133 4.76
— 7,446,049 3.33
+ 658,651 1.01
whioh;
the Cleve*
Mlnno>
Mexican Int«a>

1630

THE

C H R O N IC L E

Latest Gross Earnings by W eeks.— In the table which
follows we sum up separately the earnings for the first week
of June. The table covers 38 roads and shows 2 .3 3 % de­
crease in the aggregate over the same week last year.
First week o f June.
Alabam a Great Southern______
A nn A r b o r ____________________
A tlanta Birmingham & Atlantic
Buffalo Rochester & Pittsburgh
Canadian N orth ern .....................
Canadian Pacific......... .................
Central of Georgia....... .......... ......
Chesapeake & O h io................
Chicago & A lton _______________
Chicago Great W estern_________
Chicago Ind & L ouisv__________
Cine New Orl & Tex P ac______
Colorado & Southern__________
Denver & R io Grande__________
Detroit & M ackinac....................
Detroit Toledo & fron ton ______
Duluth South Shore & A tla n tic.
Georgia Southern & Florida____
International & Great Northern
Iow a C en tra l______ ____________
Interoceanlc of M exico_________
Louisville & N ashville__________
Mineral R an ge_________________
Minneapolis & St Louis_______
Minneapolis St Paul & S S M ._ l
Chicago Division___________ J
Missouri Kansas & T exas---------Missouri Pacific________________
Mobile & O h io________ ________
National Railways of M exico. .
N eva d o-C aliforn ta -O rcgon -----R io Grande Southern--------------St Louis Southwestern_________
Seaboard Air Line--------------------Southern R ailw ay_____________
Texas & Pacific________________
T oledo Peoria & W estern______
T oledo St Louis & W estern____
W abash__________________
T otal (38 road s).
Net decrease (2.33‘j

1911.

1910.

3
75,194
41,537
50,780
179,828
320,900
2,071,000
203,700
547,017
280,637
235,473
110,725
100,146
226,430
429,900
19,331
25,908
09,510
30,858
138,000
60,517
148,019
940,450
13,523
87,975
427,602

5
80,924
33,610
45,200
212,896
266,200
1,841,000
194,200
589,317
250,819
233,087
110,599
182,649
282,579
430,800
24,105
32,654
63,373
39,071
132,000
01,71*
159,130
1,005,150
14,949
94,595
457,256

442,534
922,000
213,324
1,017,508
8,100
9,511
185,277
427,069
1,067,205
233,074
20,404
07,856
539,390

410,132
904,000
217,706
1,314,131
8,809
12,747
203,838
435,093
1,097,685
257,142
17,254
68,727
558,487

12,073,538 12,362,302

Increase. Decrease.
$
7,927
5,580
54,700
230,000
9,500
23,818
1,786
126

6,137
6,000

$
5,730
33,008

42,300

10,503
56,143
900
4,774
6,746
2,213
1,211
11,171
58,700
1,420
6,620
29,054

26,402
18,000
______

3,150

393,126

4,382
296,503
649
3,236
18,561
7,424
30,480
23,468
871
19,097
681,890
288.764

For the fourth week of May our final statement covers 47
roads and shows 0 .2 1 % increase in the aggregate over the
same week last year.
•

Fourth week o f M ay.

1911.

j

1910.

IncreaseJ Decrease.

3
$
Previously reported (39 roa d s). 18,492,188 18,425,682
Ala New Orl & Texas Pacific—
New Orleans & Northeastern.
117,271
115,859
Alabam a & V ick sb u rg ............
53,895
53,374
Vicksburg Shrevc & P a cific..
45,077
47,170
09,856
Atlanta Birmingham & Atlantic
65,818
23,248
Denver Northwestern & Pacific.
22,526
38,453
Detroit Toledo & Ironton_____
43,129
54,807
51,785
Georgia Southern & Florida-----173,700
203,900
Mexican R ailw ay_______________

5
972,173

T otal (47 roa d s)--------------------- 19,068,495 19,029,243

981,888
39,252

•1,412
521
4,038
722
3,022

5
905,667

2,093
4,076
30,200
942,636

Net Earnings Monthly to Latest D ates.— In our “ Railway
Earnings” Section, which accompanies to-day's issue of the
“ Chronicle” as a special supplement, we print the April
returns of earnings and expenses (or in the absence of the
April figures those for the latest previous month) of
every steam-operating railroad in the United States which is
obliged to make monthly statements to the Inter-State
Commerce Commission at Washington.
The Inter-State Commission returns are all on a uniform
basis, both as to revenues and expenditures, and possess
special utility by reason of that fact. In a number of
instances these figures differ from those contained in the
monthly statements given out by the companies themselves
for publication, and in which the accounts are prepared in
accordance with old methods of grouping and classification
fmrsued in many instances for years. W e bring together
lore (1) all the roads where there is a substantial difference
between the two sets of figures, so that those persons who
for any reason may desire to turn to the company statements
will find them readily available. W e also give (2) the re­
turns of such roads (even where the figures correspond exactly
with those in the Inter-State Commerce reports) which go
beyond the requirements of the Commission and publish
their fixed charges in addition to earnings and expenses, or
(3) which have a fiscal year different from that of the Inter­
State Commerce Commission, in which latter case we insert
the road so as to show the results for the company’s own year.
W e likewise include (4) the few roads which operate entirely
within State boundaries, and therefore do not report to the
Federal Commission, and (5) Mexican and Canadian com­
panies. We add (G) the roads which have issued their own
statements for Apiil, but have not yet filed any returns
for that month with the Commission. Finally (7) we give
the figures for any roads that have already submitted their
May statement.
-------Gross Earnings—------------ Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
5
Atck T op & Santa F e .b .A p r 8.907,748 9,380.631 J2,935,387 .72,704,270
July 1 to A pr 30............90,440,059 87,442,681 j 3 1 . I l l ,800 J29,045.134
Bangor & A roostook ------- A pr
264,224
265,494
100,879
115,004
July 1 to A pr 30............ 2,038,947 2,531,521
932,477 1,046,828
Bellefonte Central..............May
5,805
7,404
1,275
1,993
• ■ Jan 1 to May 3 1 ............28,213
31,270
3,024
4,204
Bridgeton & Saco R iv e r.A p r
3,236
3,010
390
321
July l to A pr 30______
43,271
42,595
12,217
12,071
Buff R och & P i t t s b .b ...A p r
685,448
512,524
141,117
31,011
July 1 to Apr 3 0 ............ 7,666,033 7,280,729 2,082,662 2,504,325
Roads.




Roads.

[VOL.

L XX X XII.

-------Gross Earnings------- ------ Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

S

§

Canadian N orthern......... A pr 1,345,400
1,153,100
July 1 to A pr 30........... 12,288,300 10,367,700
Canadian P a clflc.a -------- A pr 8,672,025 7,985,230
July 1 to A pr 30............85,376,101 77,803,557
Central of New J e rs e y .b . A pr 2,457,832 2,481,540
July 1 to A pr 30______ 24,105,213 23,314,033
Chesapeake & O h lo .b __ A pr 2,536,334
2,700,954
July 1 to Apr 30______ 27,313,357 20.171,899
Chicago Gt W e s t e r n .b ..A p r 962,522 1,098,071
July 1 to A pr 3 0 ........... 10,525,489 10,018,942
121,666
181,282
Colorado M id lan d .a____A pr
July 1 to A pr 30______ 1,621,707 1,968,042
Colorado & S ou th ern .b . Apr 1,082,058 1,291,769
July 1 to A pr 30______ 13,658,825 14,054,257
301,183
278,594
Cuba R R _______________ A pr
July 1 to A pr 3 0 ______ 2,529,189 2,100,737
Delaware & H u d s o n .b ..A p r 1,754,927 1,756,841
Jan 1 to A pr 3 0 ______ 6,622,323 6,284,997
Denver & R io G ra n d c.a .A p r 1.782.269 1,906,882
July 1 to Apr 3 0 _______10,579,333 19,638,453
Duluth So Sh & A t l .b - - A p r
236,708
279,389
July t to Apr 3 0 ______ 2,590,505 2,701,054
Eric a ........................ ........ A pr 4,399,630
4,282,670
July 1 to A pr 30______ 46,905,336 45,691,101
Georgia R R . b ----------------A pr
242,260
245,745
July 1 to A pr 3 0 ______ 2,761,845 2,601,254
Grand Trunk of Canada—Grand Trunk R y _____ A pr 2,864,421
2,084,301
July 1 to A pr 3 0 ______ 28,725,479 27,886,556
Grand Trunk Western .Apr
558,187
569,380
July 1 to A pr 3 0 ............ 5,278,195 5,178,773
Dot Gr Hnv & M ilw ._A pr
160,108
154,755
July 1 to A pr 3 0 . . . ___ 1,698,171 1,682,243
158,101
Canada A tlan tic----------- A pr 164,001
July 1 to A pr 30______ 1,575,472 1,702,320
Illinois C entral.a........... Apr 4,684,783
4,685,230
July 1 to Apr 30........... 51,507,110 49,041,780
g Interoceanlc of M cx___A pr
825,156
794,306
July 1 to A pr 30______ 7,524,781 7,081,900
Kansas City S ou th ern .b -A p r
738,920
800,048
July 1 to A pr 30______ 8,558,900 7,974,274
Mineral R a n g e .b ...............A p r
54,445
59,738
July 1 to A pr 3 0 ______
623,485
099,802
Minn St P & S Stc M .a - .A p r
986,613 1,091,151
July 1 to A pr 3 0 ........... 10,958,590 12,872,763
Chicago Division . a __ A pr
062,125
812,423
July 1 to A pr 3 0 ______ 7,442,248 7,334,002
Mo Kan & T e x a s .a _____ A pr 2,069,302
2.233,037
July 1 to Apr 3 0 ______ 24,815,999 22.689,205
g Nat R ys of M exico____A pr 4,703,789 5,780,209
July 1 to A pr 3 0 ........... 52,870.984 49,703,050
Nevada-Cal-Oregon b - .A p r
24,784
29,991
July 1 to A pr 30______
274,809
380,975
c N Y Cent & H R I v .b - .A p r 8,369,123 7,742,496
Jan 1 to A pr 30______ 31,517,110 30,244,416
Lake Shore & M S .b - .A p r 3,704,571 3,770,324
Jan 1 to A pr 30______ 14,881,700 15,481,805
e Lake Erie & W e s t .b -A p r
392,470
408,127
Jan 1 to Apr 30............ 1,681,844 1,732,789
Chic Ind & S o u .b ______ A pr 320.252
309,713
Jan 1 to A pr 3 0 .......... 1,264,332 1,412,730
Mich C e n tra l.b .......... Apr 2,366,380
2,378,802
Jan 1 to Apr 30........... 9,326,712 9,239,719
Clev Cin Cll & St L b -.A p r 2,399.154 2,274.959
Jail 1 to A pr 30______ 9,531,711 9.461,582
Peoria & E a ste rn -b -.A p r
220,662
249,291
Jan 1 to A pr 30______ 1,052,809
1,030.580
Cine N o rth crn .b .............A pr
79,577
96,590
Jan 1 to A pr 30______
349,595
385,000
Pitts & Lake Erie b -.A p r 1,130,946 1,103,080
Jan 1 to A pr 30______ 4,379,707 5,151,824
N Y Chic & St L . b - .- A p r
907,075
950,300
Jan i to A pr 30______ 3,559,709 3,731,704
Tol & Ohio C e n t .b ---A p r
334,907
170.213
Jan 1 to A pr 3 0 ______ 1,309,155 1,229,689
Total all lin es.b - ......... Apr20.291.723 10.480.001
Jan 1 to Apr 30............ 78,854,504 79,102,798
N Y Ont & W e ste rn .a .-A p r
097.781
730,414
July 1 to Apr 3 0 ______ 7,706,3o8 7,032,938
N Y Susa & W e st.a --------- A pr 347,713
286,047
July 1 to A pr 30______ 3,210,378 2,90o,827
Norfolk & W e ste rn .!)-.A p r 2,830,584 3,086,330
July 1 to Apr 30______ 29,710,005 29,009,2a8
Pacific Coast......... .......... A pr
027,805
617,310
July 1 to Apr 30______ 6,524,517 0,544.201
Pennsylvania Lines—
Pennsylvania I t f t .a .- A p r 12,617,244 12,730,9ol
Jan 1 to Apr 3 0 ______ 49,103,010 51.712.970
Balt Ches & A t l .a _____ A pr
10,867
15,974
Jan 1 to Apr 3 0 ______
58,578
57,043
Cumberland Valley a A pr 230,105
272,956
Jan 1 to A pr 30______
910,784
954,993
Long Isla n d .a ............. ..A p r 809,629
704,150
Jan 1 to Apr 30.......... 2,707,758 2,511,021
Maryland Del & V a .a A pr
7,797
8,181
Jan 1 to Apr 3 0 ______
28.254
26,998
N Y Phlla & N orf.a . .A p r
207,929
290,597
Jan l to A pr 30---------- 1,002,642 1,015,230
Northern Central.a . -A p r 1,102,356 1,001,233
Jan 1 to A pr 3 0 ______ 4,089,825 4,086,252
Phlla Balto & Wash a A pr 1,522,413 1,537,828
Jan l to A pr 3 0 ______ 5 .825,160 5,700,847
W est Jer & Seashore a A pr
479,944
402,555
Jan 1 to Apr 3 0 ______ 1,514,026 1,431,702
Pennsylvania C o .a _______Apr 3,719,327 3,771,413
Jan 1 to Apr 30_______14,090,472 15,730,927
Grand Rapids & Ind a A pr
389,910
415,191
Jan 1 to A pr 3 0 ______ 1,010,325 1,006,185
Pitts Cin Ch & St L .a .A p r 2,924,823 3,119.829
Jan 1 to Apr 3 0 ______ 11,845,415 13,124,399
Vandalia a . . ................... Apr 778,477
695,011
Jan 1 to Apr 3 0 ______ 3.202,410 3 , 179,028
T o t East of P & E a Apr 18,078,647 18 , 1 11.302
Jan 1 to A pr 30______ 08,709,173 71,009,218
T ot W est of P & E a A pr 8,172,670 8,338,003
Jan 1 to Apr 3 0 ______ 32,158,754 34,956,444
Grand T o t all lines a .- A p r 26,251,317 20,449,305
Jan 1 to Apr 30______ 100.807.927105.965,0G2
Perc M arquette.b ........... A pr 1,242,662 1,353,0 13
July l to Apr 3 0 .......... 13,302,908 13,373,900
Reading Company—
Phlla & R e a d in g .b . . . A p r 3,981,090 4,234,635
July 1 to Apr 30............37,780,320 37,402,044
Coat & Iron C o .b ____A pr 4,789,521
4,433,100
July 1 to Apr 30______ 29,255,715 28,255,003

$

S

361,100
3,444,400
3,150,975
30,731,075
1,061,832
10,305,985
779,130
9,120,057
219,744
2,690,751
def 18,218
122,699
360,103
4,722,302
149,916
1,133,538
676,924
2,312,205
408,991
5,444,507
57,430
739,799
1,231,426
13,012,555
47,977
710,380

331,200
2,965,500
2,981,111
28,505,770
1,129,022
10,652,974
1,046.098
10,578,471
236,945
2,508,740
11,284
265,667
315,807
5.104,218
130,282
881,647
799,985
2,415,053
003,878
5,010,539
80,700
859,435
1,192,682
12,904,193
55,096
711,692

890,509
7,077,100
97,330
1,073,256
10.700
233,251
10.700
140,037
818,050
12,411,915
303,522
2,788,406
237,779
3,076,540
4,725
20,279
210,871
3,351,826
75,501
1,576,330
305,071
6,478,320
1,347,479
20,242,179
5,751
82,238
2,409,456
0,703,787
I , 019,730
3,975,317
30,230
227,734
76,809
285,528
543,138
1.842.802
483,432
1,890,023
11,909
14 1,535
def3,035
22,623
523,029
2,047,290
234,844
804,231
67,840
258,973
5,403,442
18,199,844
163,017
2,040,032
150,934
1,100,124
9 54,738
10.609,608
100,794
1,100,272

79.V239
0,772*790
130.909
I,
305,634
18,006
394,244
10,952
280,426
789,897
10,481,109
315,964
2,540,679
206.436
2,747,735
def l , 401
85,313
345,074
5,491,097
252,812
2,220,541
357,761
5.822,370
2,527,991
10.652.403
13,718
199,822
2,052,478
6,621,141
961,147
4,887,780
72,799
420.574
64,083
440,382
740.574
2,710,642
484,781
2,392,424
05.810
292,737
15,343
90,099
474,323
2,602,842
309,865
1,270,255
dcf48,321
312.145
5,102,882
22,131,921
245,191
1,994,464
92,825
855,096
1,208,159
II,
840,075
101.145
1,331,004

3,402,259 2,940,862
10.325,971 12,285,755
def 145
def 709
def 2,226
defSl
58,256
97,860
229,158
318,501
137,609
132,834
def 19,144
90,023
def3,657
def 3,110
def9,334
def7,885
50,459
89,999
171,044
204,692
203,382
237,008
311,848
569,273
356,214
295,517
905,521
913,188
133,239
20,058
08,250
7,863
035,298
1,001,096
2,792,297 3,235,320
35,990
46.810
159,221
188,741
825,976
020,398
2,531,890 2,087,246
119,194
dcf3,028
527,950
510,922
4.396.802 3,891,074
II,
926,282
14,425,538
2,127,712 1,302,840
0,289,806 7,204,805
6,524,514 5,254,514
18,210,148 21.630.403
405,819
179,059
2 ,642,714 4,055,037
1,410,248 1,751,971
13,466,039 14,651.288
144,401
204,770
450,738 1,079,809

1631

THE CHRONICLE

J u n e 17 1 9 1 1 .]

------- Oross Earnings------ -------Net Earnings------Current
Previous
Current
Pretous
Year.
Year.
Year.
Year.
$
$
$
5
T otal both C o s .b ------- A p r 8,771,211 8,667,734 1,563,049 2,010.746
July 1 to A pr 3 0 ............67,036,040 65,718,548 13,926,377 15,731.187
Reading C om pany___ A pr
_________
170.228
142,715
July 1 to A pr 30______
_______
___I
1,458,161 1,450,570
T otal all C os_________ A pr
_
1,733,877 2,159,462
July 1 to A p r 3 0 ...................... . . I l l
" I I I I 15,384,538 17,181,757
R io Grande Junotlon__ Mch
71,609
7125,475
7121,482
84,918
7192,585
Dec 1 to Mch 31______
270,249
7181,075
308,617
R ock Island L in e s .b _____ A pr 5,054,192 5,034,159 1,088,280
729,798
July 1 to A pr 3 0 ............57,191,446 55,248,298 15,971,657 14,906,242
76,967
R u t la n d .b ................ ........ A pr
273,958
79,978
254,661
974,557
Jan 1 to A pr 3 0 ______
229,785
173,839
901,820
909,991
954,936
St Louis & San F r a n .b .A p r 3,172,880 3,189,471
July 1 to A pr 30............ 30,540,978 34,849,884 11,456,168 10,580,890
295,584
142,459
Chic & Eastern 111.b.Apr
923,263
737,747
.
July 1 to A pr 3 0 ---------- 10,461,985 10,030,316 3,272,122 3,210,850
56,738
64.723
E vansv & Terre H . b . A pr
190,390
174,762
805,250
791,118
July 1 to A pr 30.......... 2,231,678 2,058,381
1,202,313 1,162,118
T otal all lin e s.b ............A pr 4,286,533 4,101,981
July 1 to Apr 30______ 49,234,041 40,938,582 15,533,541 14,582,859
50,688
51,994
St I, R ock y Mt ft P a c .a .A p r
167,228
160,044
608,262
542,353
July 1 to A pr 3 0 ______ 1,778,072 1,610,390
85,607
82,567
St Louis S outhw est.a --A p r
782,585
819,570
July 1 to A pr 30............ 10,213,938 9,308,052 2,488,409 2.256,922
Southern P a clflc.a ______ A pr 10,130,221 10,833,201 2,993,979 3,222,345
July 1 to Apr 3 0 1 11,529,780
112269,007 36,237,332 39,807,230
201,580
77,336
Texas & P a c ific .b ...........A pr 1,077,757 1,221,513
5,082,029
582,695 1,138,565
Jan 1 to A p r 30_ 4,705,307
79,704
d e l.4,221
10,322
Toledo Peoria & W e s t .b . A pr
90,367
12,935
90,679
17,741
M a y _____________
104,186
238,357
1,077,271
228,610
July 1 to M ay 31_1,181,181
Union P a cific.a __________A pr 6,071,600 7,353,335 2,375,834 2,750,794
July 1 to A pr 3 0 ............74,892,411 75,183,891 30,080,613 33,591,043
Western Maryland . a __ Mch
575,702
656,420
r220,035
r288,652
July 1 to Mch 3 1 ______ 5,390,847 5,188,270 r l ,893,326 r2 ,003,754

IN D U S T R IA L C O M P A N IE S.

_

Roads.

Yazoo «Se Miss V a lle y .a .A p r
774,604
July 1 to A pr 30............ 9,277,442

774,433
8,622,085

102,244
2,087,592

87,915
1,655,343

IN D U S T R IA L C O M PAN IES.
— Gross Earnings-------- ------Net Earnings------Current'
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
5
$
5
Edison El 111 Co (B o s )-.M n y
397,684
362,412
201,821
194,438
July 1 to May 31............ 4,859,291 4,352,759 2,801,161
1,405,328
Keystone Telephone Co aMay
98,839
90,688
50,536
50,897
July 1 to May 31______ 1,056,743 1,028,040
531,013
515,268
a Net earnings here given arc after deducting taxes,
b Net earnings here given are before deducting taxes,
c Includes the New York & Ottawa, the St. Lawrence ft Adirondack and
the Ottawa & New York R y ., the latter of which, being a Canadian road,
does not make returns to the Inter-State Comm erce Commission.
e Includes the Northern Ohio R R .
g These results are In Mexican currency.
J T h c com pany now Includes the earnings of the A tch. T op . ft Santa Fe
R y ., Gulf Colo. ft Santa Fe R y ., Eastern R y . o f New Mexico System,
Santa Fc Prescott ft Phoenix R y ., Southern Kansas R y . of Texas, Texas
ft Gulf R y ., G. ft I. R y. of T . and C. S. S. & L. V . R R . in both years.
For April taxes amounted to $296,858, against $324,155 in 1910: after de­
ducting which, net for April 1911 was $2,638,529, against $2,380,115 last
year. For period from July 1 to April 30 taxes were $2,891,401 in 1011,
against $3,116,719 In 1910.
n These figures represent 30% of gross earnings.
r A fter allowing for miscellaneous receipts and net from coal and other
departm ents, total net earnings for March 1011 were $258,787, against
$337,666 in 1910; and from July 1 to March 31 were $2,192,705 in 1911,
against $2,407,307 In 1910.

Interest Charges and Surplus.
Roads.

— In i., Rentals, & c.—
Current
Previous
Year.
Year.

$

$

— Rat. o f Net E arns.Current
Previous
Year.
Year.

$

$

Bangor & A roostook ------- Apr
98,742
84,171
8,153
39,721
July 1 to Apr 3 0 ...........
970,097
842,661
112,513
338,623
250
Bcllefontc Central_______ May
236
1,025
1,757
1,180
1,774
Jan 1 to May 31______
1,250
3,114
Bridgeton ft Saco R iv er.A p r
636
593
dcf.240
(lef.272
6,019
5,954
July 1 to A pr 3 0 ______
6,263
6,052
173,251
£24,860
Buff R och & P itts............. A pr 176,350
£'68,154
July 1 to A pr 3 0 ______ 1,769,915 1,684,490 £1.638,107 £ l,834;209
Central of Now J ers oy -.A p r
483,533
521,888
578,299
607,134
July 1 to A pr 3 0 ------------ 5,211,114 5,023,572 5,094,871 5,629,402
Chcsapcako & O h io--------- A pr 1667,620
4463,807
111,515
582,290
July 1 to A pr 3 0 ............ 16,377,430 45,120,000 2,748,628 5,451,512
Chicago Great W e s te r n ..A pr
209,548
228,709
£16,484
£43,683
July 1 to Apr 3 0 ---------- 2,118,450 2,325,076
£663,219
£271,881
Colorado M idland_______ A pr
29,820
29,820 cdef57,037 cdcf31,319
July 1 to Apr 3 0 ............
298,200
298,200 cdcf225,777 edef 120,234
Colorado & Southern_____A pr 275,667
256,112
6128,022
678,534
July 1 to A pr 30............ 2,724,921 2,549,782 62,077,381 62.704,843
Cuba R R ....... ......................A pr
60,125
36,667
89,791
03,015
July 1 to A pr 30............
459,050
301,877
674,488
519,770
Denver A R io G ra n d e.-A p r
481,840
462,845
(451,3 9 6
(42 12,4 87
July 1 to A pr 30............ 4,951,033 4,401,3 57 (41,7 12,211 (42,21Q,774
Dul So Sh & A tla n tic___ A pr
95,751
96,751 £dcf32,764 £<lcf 4,775
July 1 to A pr 30______
959,183
963,004£def 160,346 £def50,630
Georgia R R ------------------ A pr
68,350
63,264 £ d c fl2,280
£701
July 1 to A pr 3 0 ............
737,258
014,579
£63,184
£191,135
Mineral R ange---------------- A pr
12,663
14,224 £dcf6,710 £d cfl4,399
July 1 to A pr 3 0 ---------127,547
142,487 £dcf87,011 £def51,078
Mo Kansas ft T exa s-------A pr
514,239
502,22l£dcfl72,519£defl21,191
July 1 to Apr 30............ 5,070,968 4,720,135 £1,746,375 £1,315,695
N cvada-Cal-Oregon---------Apr
4,392
3,611
£1,990
£10,852
July 1 to Apr 30............
52,983
45,308
£37,107
£105,183
N Y Ontario ft W estern.A pr
114,085
102,632
48,932
142.559
July 1 to Apr 30---------- 1,194,644
068,058
851,988 1,026,400
N orfolk & W estern____ A pr 505,990
468,500
£506,534
£796,633
July 1 to Apr 30______ 5,123,567 4,004,850 £0,610,207 £7,644,286
P crc M arquette______ .A pr
387,747
386,447 «df.234,147
1/29,148
Jan 1 to Apr 30______ 3,091,079 3,582,12 6yd, 1551,154
1/431,711
Reading C om pany.............A pr 885,000
899.971
848,877 1,259,491
July 1 to A pr 3 0 ............ 8,850,000 8,999,710 0,534,538 8,182.047
R io Grand Junction_____Mch
8,333
8,333
13,149
17,142
Dec 1 to Mch 31............
33,333
33,333
47,742
59,252
St L R ock Mt <3c P a c____ A pr
30,196
32,282
20,492
19,712
July 1 to Apr 3 0 ______
323,775
330,108
284,487
206,245
St Louis Southw estern-.A p r
180,739
170,417 £dcfl5,93 0 £(lcf35,944
July 1 to A pr 30............ 1,764,320 1,721,396 £1,110,129
£980,107
T oled o Peoria ft W e s t.-A p r
23,402
24,570 £dcf.5,060 *df.24,122
M a y ----------------23,494
25,329 £dcf. 1,752 £dcf.7,277
July l to May 31............
270,582
271,035
£1,053 £dcf.3,547




Companies.

------- Gross Earnings—
Current
Previous
Year.
Year.

$

Keystone Teleph C o ___ May
July 1 to May 31________

-------Net Earnings-----Current
Previous
Year.
Year.

$

24,265
268,937

24,840
277,809

26 271
262,076

$

26,057
237,459

6 After allowing for miscellaneous credits to Incom e.
•
c After allowing for net miscellaneous debits to Income.
d These figures are after allowing for other incom e and for discount and
exchang: . I lie sum of $10,000 Is deducted every m onth from surplus and
placed to the credit of the renewal fund.
1
i Other incom e Is deducted from charges.
£ A fter allowing for other incom e received.
.
V After allowing for outside operations, hire of equipment and other
Income.

ELECTRIC RAILWAY AND TRACTION COMPANIES
Name o f
Road.

Latest Gross Earnings.
Week or
Month.

Current
Year.

Previous
Year.

$
American R ys C o____ A p r il_____ 318,954
Atlantic Shore R y ___ A p r il_____
21,736
cAur Elgin & Chic R y A p r il_____ 130,913
Bangor R y & Elec Co A p r il_____
43,097
Baton Rouge El C o .. A p r il_____
8.818
Binghamton Railway A p ril_____
28.709
BIrm R y, Lt ft P ow . A p r il_____ 226,936
Brock A Plym St R y . A p r il_____
8,277
Bklyn R ap Tran S ys. February . 1591,045
Cape Breton Elec C o. A p r il_____
23,332
Carollna Pow ft Lt Co May _____
20,786
Cent Pk N ft E R l v . . Feoruary .
41.778
Central Penn T ra c__ A p r il_____
65,112
Chattanooga R y & Lt A p r il_____
75,114
Cleve Paincsv ft East April __ . .
26,572
A p r il_____
Clevc Southw ft Col
85,885
Columbus (Ga) El Co A p r il.........
41,303
Coney Isl ft B klyn___ February .
90,656
Dallas Elect C orp___ A p r i l _____ 125,387
Detroit United R y ___ 2d wk May 185,706
D D E B & Bat (Rec) February .
44,852
89,797
Duluth-Superior Trac April
East St Louis & S u b . A p r il_____ 17IL507
E1 Paso Electr c
A p r il_____
53,695
Falrm ft Clarks Tr Co April _____
53,186
42dStM&SNAv (Rec) February . 102,991
Galv-H ouston El Co A p r il_____ 121.146
Grand Rapids R y Co A p r i l _____
89,967
Havana Electric C o .. W k June 11
45,491
(lonolulu Rapid Tran
ft Land C o _____
A p r il.........
39.332
Houghton Co T r Co
25,508
A p r il_____
Hudson ft Manhattan A p r il_____ 385.945
Illinois
raction Co M a rch ____ 549,729
Interboro Rap Trans A p r il_____ 2658,585
Jacksonville Elec Co A p r il_____
46,164
Kan City R y ft Lt Co M a rch ____ 656,061
Lake Shore Elec R y . A p r il_____
91,958
Long Island E lectric. February .
11.789
Metropolitan St (Rec) February _ 975,696
Milw El R y ft Lt C o. A p r il_____ 395,571
Milw Lt. H t & Tr C o. A p r il_____
76.945
Montreal Street R y . . A p r il_____ 372,309
Nashville R y & Light A p r il_____ 161,228
New Orleans R y & Lt A p r il_____ 538,179
N Y City In terb oro. . February .
19,495
N Y ft Long Island Tr February .
22,644
N Y ft Queens C o____ February .
76,610
Norf & Portsin Tr Co April _____ 172,584
Northam Easton & W A p r il_____
13.043
North Ohio Trac ft Lt A p r il_____ 200,014
North Texas Elec C o. A p r il_____ 126,681
Nortliwcst Elev C o._ May _____ 188,844
Ocean Electric (L I ) . February .
2,952
Oklahoma City R y . . A p r i l _____
53,334
Paducah Tr ft Lt Co A p r i l_____
21,452
Pensacola Electric Co A p r i l_____
22,734
Port(Orc) R y.L & P C o. A p r i l _____ 526,475
Puget Sound Elec Co A p r i l____
145,604
Richm ond Lt & R R . February _
21,374
Rlo de Janeiro Tram
Light & Power C o. A p r il_____ 1030,111
St Joseph (Mol Rv Lt
Heat ft Power C o. A p r il_____
84,700
Sao Paulo Tr, L & P A p r il_____ 284,038
Savannah Electric Co A p r il_____
55,395
A p r il......... 452,178
Seattle Electric Co
Second A v c (R e c )___ February .
55,285
Southern B oulevard. February ..
7,351
Sou Wisconsin R y Co A p r il_____
14,848
Staten Isl M id lan d .. February .
14,203
Tam pa Electric C o .. A p r il_____
55,308
Third Avenue (R e c ). February . 259,867
Toledo R ys ft Lt Co W k May 14
34,229
Toronto R y C o_____ April _____ 364,458
Twin City Rap T ran. 4th wk May 220,161
Underground El Ry
of London—
Three tube lines. . W k June 10 £13,420
Metropolitan DIst. W k June 10 £11,593
United Tramways Wk June 10 £10,613
Union (R e c ) _______ February . 150,858
U nionR v.G & E C odll) A p r i l _____ 242,968
United R ys o f St L ._ A p r il_____ 973,939
United R R s of San Fr A p r il__ . 652,866
W cstches Elec (Rec) _ February .
36,196
W hatcom Co R y ft Lt April _____
29,294
Yonkers R R ( R e c ) .. February .
44.438
Youngst & Ohio R lv . [A p ril_____
17,484

$
302,654
23,896
120,384
41,705
8,302
26,924
214,829
8,744
1492,851
24,897
18,983
43,280
65,744
70,255
25,206
79,311
40,695
86,364
113.406
163,576
45,739

Jan. 1 to latest date.
Current
Year.
1,228,718
76,705
487,084
173,319
36,193

909,242
29,471
3,336,467
97,057
112,464
92,214
259,848
290,307
94,814
324,046
155,613
190,590
514,254
3,353,915
94.398
340,845
171,640
712,803
49,490
227.404
44,517
208,612
96,321
219,444
104,550
448.527
86,632
353,576
41.166 1.044,804

36,129
156,115
24,248
93.421
326,188 1,524,342
486,490 1,650,699
2564,772 10,494,792
47,212
197,802
622,555 1,912,619
86.915
339,314
10,691
24,819
976.326 2,076.561
374,426 1,575,886
71,315
298,824
344,765 1,445,163
147,519
631,374
534,281 2,242,064
13,579
40,493
19,894
47,637
66.061
160,146
155,338
654,(
12,340
48,606
173,763
748,885
111,280
502,716
184,354
924,860
3,065
6,265
48,747
191,073
20,389
84,485
22,263
90,264
440,560 2,032,114
158,919
563,628
19,493
44,497
825,236

3,938,862

3,180,807

77,990
231.521
50,650
460,490
57,195
6,464
13,856
13.390
48,362
276,854
31,016
328,785
207,569

346,542
1,125,116
213.560
1,817,922
120,880
15,583
58,080
30,095
222,671
550,851

329,028
907,869
194,585
1,820,553
114,167
13,571
53,995
27.336
212,068
550.987

1,432,421
3,093,899

1,303,049
2,925,854

£320,730
£269,515
£141,619
318,635
1,024,475
3.741,119
2,525.935
76,679
125,382
93,770
68,482

£305.500
£251,411
£138,062
286,473
982,928
3,597,417
2,494,86$
62,450
134,516

£12,265
£10,975
£6,797
137,225
230.323
938,649
648,015
29,276
32,661
15,798

59,409

c These figures are tor consolidated com pany.

Electric Railway Net Earnings.— The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week.

A full detailed statement, including all

roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of June 10.
Roads.

----- Gross Earnings----Current
Previous
Year,
Year.

$

Carolina
Jan
T oronto
Jan

Pow ft L t C o .-M a y
20,786
1 to M ay 31.
112,464
Railways C o____A pr
364,458
1 to A pr 30. 1,432,421

$

18 983
97,235
328,785
1,303,049

------ Net Earnings— —
Cur m u
Previous
Year.
Year,

$

7,814
45.451
174,504
666,081

a Net earnings here given are after deducting taxes
b Net earnings here given are before deducting taxes.

*

7.520
38,736
156,037
600.115
. . . . . .
.

1633

THE CHRONICLE
A N N U A L

R EPO R TS,

Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle’ ' in which
it is published. The latest index will be found in the issue
of May 27. The next will appear in that of June 24.

[V o i,. L X X X X U .

to operating expenses the cost of all renewals, replacements and mainte­
nance. As to the form er, this Is a new p olicy. As a result of the latter
during the past year $2,271,471 was charged out o f earnings as part of cur­
rent operating expenses on account of depreciation of buildings, etc.
Investm ents, $24,034,636 (Compare V . 85, p. 1644, 1458).
(1) Securities o f Westinghouse Electric & Manufacturing Co.
There are Included in this account securities of Westinghouse El. & M fg.
Co. carried at their face values as follows: Capital stock (assenting), $1,­
507,048; con vertible sinking fund bonds (acquired In anticipation of s. fd .
requirem ents), $266,000; bond scrip, $1,150; total, $1,774,198.

(2) Securities o f "Subsidiary Companies."
The follow ing are known as our "subsidiary companies ” viz • W esting­
house Lamp C o., Bryant Electric Co. (Perkins Electric Switch Mfg Co ),
R . D . Nuttall C o., W estinghouse E l. & Mfg. Co. of Texas. All the stock of
each of these com panies (they have no funded debt) is owned by your com ­
pany, but none of these stocks appears as investments in the consolidated
balance sheet herewith presented. Instead, the assets and liabilities of
each are included therein under their several appropriate headings.
The ownership by the Bryant Electric Co. of all the capital stock ($125 000) of the Perkins Electric Switch M fg. Co. Is carried on the books of the
O PE R A T IO N S A N D F IS C A L R E SU LT S.
Bryant Electric Co. at $2,000,000. rl his Item Is included in "Investments”
In tile consolidated balance sheet, after deducting ti c par amount of the
Earnings—
1910.
1908.
1907.
1909.
$128,875
P a ssen g er........................... $180,100
$136,774 outstanding capital stock, at $1,875,000. This item can be considered
$154,775
as having value only as good-wilL
321,550
336,443
Freight.................
507,268
398,291
Mail, express, & c_______
-13,476
33,407
39,952
34,924
(3) Westinghouse Electric Co., Ltd. (of Great Britain) .
Rental track— Des M. to
Organized In 1889. Entire Issued capital: Preference shares, £189,550
38,065
32,722
Cowrie, l a — C .R.I.& P.
29,703
30,796
($919,317), and ordinary shares, £275,000 ($1,333,750), was eventually
8,607
7,173
Other rents, Int., & m isc.
9,295
11,727 acquired by your com pany, and as of March 31 1909 was carried at $1,773,­
084, representing expenses incurred from 1889 to 1906 in the eirorts to estab­
$572,499
$529,071
T otal earnings_________ $769,842
$612,512 lish the manufacture and sale of your apparatus In foreign countries. As of
Exp671SCS
March 31 1910 the assets consisted of patents In Germany, Austria, H un­
$71,757
M alnt. way & structures$64,733
$63,713
$85,531
gary, N orway, Sweden and Denmark, and In certain licenses thereunder.
59,344
Malnt. o f equipm ent____
69,415
42,358
49,615 Tlie Income of the com pany has long been Insufficient to pay operating ex­
20,395
T r a ffic __________________
19,843
16,923
15,801 penses and the upkeep o f patents. During the year 1909-10 your directors
Transportation _________
280,121
214,189
203,900
177,349 wrote off from the book value $773,084 and during 1910-11 an additional
G e n era l_________________
18,405
17,615
18,952
18,983 $500,000, leaving the book value March 31 1911 $500,000. Further de­
R e n t_____________________
11,414
10,482
11,199
10,658 preciation of this item must be contem plated.
Hire o f equipm ent______
43,457
16,260
12,077
22,539
(4)
British Westinghouse Elec. «fc Manufacturing Co., Ltd.
Organized In Great Britain In 1899; owns works with a lloor area of 27
T otal expenses_______ $507,388
$410,042
$369,122
$380,477
acres
for
the
m
anufacture
electrical apparatus, steam turbines and gas
Net earnings____________ $262,454
$162,457
$159,949
$232,035 engines at Tratford Park,of near
Manchester, England. Its real estate
Deduct—
Taxes ................................
$23,700
$22,700
$17,400 comprises 133 acres under annual rent charge of £7,740, to be Increased on
$20,400
Jan.
1
191a,
in
perpetuity,
to
£8,845.
The original capital, Issued 1900 to
Interest on bon d s_______
152,880
152,880
152,880
152,880
1906, consisted of ordinary shares. £750,000 ($3,637,500); preference shares.
Dividend on pref. s t o c k ..
(a)
(5)38,175
(5)38,175
T.2.:50.?’00,.0.,, '512,125,000); 4% mortgage debenture stock, £1,241,353
($6,020,562); total, £4,491,353, or $21,783,062.
$211,455
$175,580
$208,455
T otal deductions_____ $176,580
The ordinary shares were Issued for patents, manufacturing Inform ation
Surplus or d ellclt______ sur.$85,874 dcf.$13,123 clef .$51,506 sur.$23,580
and territorial rights.
The preference shares and the m ortgage debenture
a N o dividend has y et been declared out of the earnings for the year 1910. stock were sold for cash at substantially par, and the aggregate Oi their face
3,7 1 ’ > 3 <518.145,562), represents approxim ately the m oney
A ction on disbursements when ordered Is usually taken late In June.
spent In producing the facilities of the British Company and In paying the
losses Incurred in Its operations prior to 1907. In Jan. 1907, because o f
GENERAL BALANCE SHEET DECEMBER 31.
losses thus far Incurred, the capital was reduced by £1,375,000. In 1908
1910.
1909.
1910.
1909.
tlicic was a further autliorizccl Issue of L300,000 of 6% nrlor lien dohontniTS
Liabilities—
$
$
of which £250,000 were Issued; £16,400 has been retired by sinking fu n d ’.
Cost of road Sc equip.8,423,800 8,423,800 Common stock____ 4,283,100 4,283,100
I’he present capitalization Is; Preference shares, £1,500,000 ($7 275 000)
Improvements, &c_ _ 151,725
150,744 Preferred stock........ 763,500 763,500 ordinary shares, £375,000 ($1,818,750); 4 % mortgage debenture stock
2d M. bonds In treas.
86,000
86,000 First mortgage bonds3,072,000 3,072,000 £1,241,353 ($6,020,562); 6% pilor lien debentures, £233,600 ($1,132 9 60 )1
19,250
19,250 2d M. 5% bonds___ 600,000 600,000 total, £3,349,953, or, say, $16,247,272.
Bills receivable____
P. H. Davis, Treas-54,830
53,582 Unclaimed dividends
490
490
The operations of the British Company have been ouite uniform ly unM. Sc St. L. general
Insurance fund.........
6,618
6,460 pro/1 table (see that com pany below— Ed.) and a further reduction of the
114,113 Reserve for deprec-.
account................ 200,378
6,924
........... capital seems to be forecasted by the necessity for providing for paym ent
Bal. to profit & loss. 203,351
121,940 of an award against It aggregating with costs substantially more than
£100,000 In an arbitration proceeding recently decided between the Brit­
T o t a l.................... 8,935,983 8,847,490
T o t a l.................... 8,935,983 8,847.490 ish Company and the London Underground R y .
—V. 91, p. 38.
The Improved situation and prospects of the British Com pany, reflected
by the results of its operations for the past year, seem to assure the ability
or the com pany to meet Its llxcd charges represented by the Interest on Its
Westinghouse Electric & Manufacturing Co.
.Y? clQ-sses of debentures, but do not give promise of an early return on
either Its preference or ordinary shares.
(Report for Fiscal Year ending March 31 1911.)
Of the outstanding capital of the British Company your com pany owns:
The report for the year ending March 31 is given at length Preference shares, £536,112 i$2,600,143); ordinary shares, £190,230 ($922,­
4% mortgage debenture stock, £675,000 ($3,273,750). Of these,
on subsequent pages, including the remarks of Chairman 615);
the ordinary shares do not appear on your books as an Investment of any
Robert Mather and the consolidated income and profit and value. The preference shares were carried until 1910 at the original cost
loss accounts and balance sheet. Below we give the usual of acquisition,^$4,458,083; March 31 1910 your directors wrote oir for d e ­
predation $3,564,563; the book value Is now $893,520, or approxim ately
comparative tables. The gross earnings, which are $3 8,­ the market valum The 4 % debenture stock Is carried at the cost of acqui­
$ 3 ,137,10a. Recent sales on the London Stock Exchange have
119,312, exceed those of the preceding year by $8,870,630 sition,
been at the price of 62% of par.
and are greater by $5,093,072 than the earnings of the best
(5) Socxete Anonym e Westinghouse o f Paris (French C om pany).
previous year in the company’s existence. The net surplus
Tills com pany (sec separate statement below) has outstanding preference
for the year, after meeting charges, was $4,881,105, as com­ shares, 10,000,000 frs. ($1,930,000); ordinary shares, 10,000,000 frs ($1 930,000), and 5% debentures, 7,500,000 frs. ($1,447,500).
pared with $3,060,664 in the preceding year and a deficit of
Operates a fa ctory at Havre, France, where It manufactures a general
$1,405,015 in 1909.
line of electrical apparatus and certain condensing apparatus for steam en­
gines and turbines; also has a factory at Frelnvlllc, near Paris, where It
Chairman Robert Mather remarks that after a careful con­ manufactures
Westinghouse air brakes. Its territory Includes France,
sideration of all of the circumstances having due regard for Belgium, Holland, Switzerland, Spain and Portugal. The operations have
been steadily unprofitable; and, while it earns and pays the Interest on Its
the true condition of the balance sheet (below, described), debentures,
only once (for 1908) has It paid a dividend on Its preference
the elements of uncertainty as to the immediate future of shares. In 1907 the ordinary shares were reduced from 20,000,000 frs
($3,860,000) to 10,000,000 frs. ($1,930,000). In 1909 It Increased its Issue
the company’s business, the need for cash for new foundry of
preference shares by 5,000,000 frs. ($965,000). Since Jan. 1 i o n it has
facilities, for extension of the Newark plant and other fac­ increased Its 5% debenture Issue from 7,500,000 frs. ($1,447,500) to 10,­
tory improvements, and the necessity of making wise pro­ 000,000 frs. ($1,930,000). It proposes at Its annual general meeting In
June 1911 again to reduce Its capital by a reduction of the ordinary shares
vision for shortly maturing obligations, the directors have from 10,000,000 frs. ($1,930,000) to 4,000,000 frs. ($772,000).
Of the outstanding capital your com pany owns: Preference shares,’
felt that it is not wise at the present time to weaken the com­
4,628,750 frs. ($893,348); ordinary shares, 2,883,750 frs. ($556,563), and
pany’s position by diverting its surplus earnings, even in 5% debentures, 7,500,000 frs. ($1,447,500). The advances authorized
during the receivership of your com pany were not actually made, but In
part, to the payment of dividends.
1909 your com pany took at par 3,478,750 frs. ($671,398) of the preference
Substantially the following explanation is presented shares
Issued that year. The debentures we carry at cost, $1,430,730, and
of important items in the balance sheet, with the view the preference shares likewise at cost. $896,537.
Prior to March 31 1910 the ordinary shares were carried at cost, $494,032;
of informing the stockholders fully as to the character and during
1909-10 there was written oil $275,057, and during the last fiscal
value of the company’s assets and liabilities, and for the pur­ year a further $218,974, leaving the book value $1. Your directors hope
with careful management the debentures and the preference shares m ay
pose of enabling the stockholders to form for themselves an that
be made worth their face values.
intelligent judgment as to the advisability of distributing
(6) Societa Italiana Westinghouse (Italian C om pany).
the company’s current earnings by way of dividends on the
Organized in Italy In March 1907 as a subsidiary of the French com pany.
Outstanding capital (ordinary shares), 4,000,000 lire ($772,000), of which
assenting stock.
the French com pany owns approxim ately 3,000,000 lire ($579,000)
In
Property and Plant, $17 692,146.
order to capitalize certain advances recently made to it, the Italian com ­
This Item represents the present value of your manufacturing' plants at pany Is about to create an issue of 4,000.000 lire ($772,000) of 5% deben­
East Pittsburgh, Pa., Newark, N. J ., Pittsburgh, P a ., Cleveland, O..
tures. Of tills Issue approxim ately 1,500,000 lire ($289,500) will be re­
Bloom field, N. J ., New York, N. Y ., and Bridgeport, Conn.; also storage and ceived by the French com pany and 2,500,000 lire ($482,500) by the W est­
warehouse properties at various points. Your directors have caused a com ­ inghouse E l. & Mfg. Co. These debentures will In next year’s balance sheet
plete Inventory and appraisal to be made of all the buildings. The sound of your com pany appear among investments; meanwhile the advances as of
values thus ascertained are the figures In the balance sheet.
March 31 1911 appear In the balance sheet under notes and accounts re­
The Increase In "p rop erty and plan t" ($2,717,516) Is chiefly due to the ceivable at $289,746.
following: Your plants at Newark, N. Y . City and Cleveland have here­
The Italian com pany In 1907-08 constructed a factory at V ado, Llguro,’
tofore appeared under “ Investments,” title to the Newark plant being held Italy, for the primary purpose of executing Important contracts for the
by the U. S. Electric Lighting C o., the N. Y . plant by the Consol. Electric | electrification of certain of the Italian Stato railways. Delays by tho
Light Co. and the Cleveland plant by the Walker Foundry C o., all of whose Italian Government In carrying out Its program for the Improvement of Its
capital stock your com pany now owns, except a small amount of the Consol. I railway lines has temporarily disappointed our expectations, so that tho
E l. L t. Co. The Cleveland plant is subject to $850,000 m ortgage bonds o f I com pany Is now looking to the general market for orders for electrical ap­
the W alker C o., guaranteed, prin. & Int., by vour com p any. V . 68, p. 87. I paratus to keep Its works In operation. For tbe cal. year 1910 the gros.s
During the past year the Westinghouse Electric * Mfg. Co. has taken title earnings (shipments billed) were 3,688,241 lire, against 2,899,718 lire In
to the Cleveland plant, subject to the $850,000 bonds. The Newark plant
1909: net loss from operations, 121,590 lire, against a profit of 318,786 lire In
and the N. Y . City plant are to be similarly taken over. In view of this 1909; other Income, 469,033 lire; total lno., 347,443 lire; chges, 518,121 lire;
situation It was determined to write Into "p rop erty and plant” the ap­ loss, 170,678 lire, or $32,940, against a surplus profit in 1909 of 237,­
praised value of each of these plants, taking upon our books as a direct 214 lire, or $45,782.
*
obligation the guaranty of the Walker Co. bonds. The difference between
(7)
Soclete Electrtque Westinghouse de Russie (Russian Company).
■
form er book values and present appraised values, aggregating $1,193,298,
Organized
In
tra
n
ce
in
1906.
The
outstanding
capital
Is:
Cash
shares,’
has been charged against surplus, partly as depreciation of Investments
and partly as an adjustment due to establishing on the books as a direct 7,000,000 frs. ($1,351,000); apport shares, 13,000,000 frs. ($2,509,000);
5% debentures. 14,000.000 frs. ($2,702,000). Organized primarily to
liability the guaranty of the bonds of the W alker Co.
The directors have determined that for the current fiscal year deprecia­ execute a $ a ,150,000 contract for the electrillcation of the St. Petersburg
tion charges to provide for obsolescence of buildings shall be m ade m onthly tramways, and for this purpose acquired the electric m anufacturing plant
at the annual rate of 2 % of the reproductive cost thereof, providing for ail In M oscow of the Compagnle Centralc d ’ ElectrlcIte of Paris. Part of tho
other depreciations o f property and plant as heretofore by charging m onthly purchase price was secured by a m ortgage on the plant of which there is
still due approxim ately 750,000 frs. ($144,750), maturing July 25 1911,

Des Moines & Fort Dodge R R .
(Results for Year ending Dec. 31 1910.)
The results of operation under the lease of the road to
the Minneapolis & St. Louis R R . compare as below:




J u n e 17 1 9 1 1

1633

THE CHRONICLE

j'an. 25 1912 and July 25 1912. Upon the organization of the Russian com ­
pany your com pany advanced to It $895,888, of which there remains due
$290,000. The W cstlnghousc El. & Mfg. Co. purchased the Issue o f 14,­
000,000 frs. ($2,702,000) of 5% debentures at 83% of par ($2,243,243);
also 3.600,000 frs. ($694,800) cash shares at par ($696,322). The apport
shares, of which your com pany owns 1,240,000 frs. ($239,320) cost $198,962.
The Russian com pany owes the W estlnghouse El. & Mfg. Co. for materials
$32,356. There remains unpaid also the Interest on the debentures from
Oct. 1 1908 to April 1 1911, aggregating $324,324. The total investment
In and accounts due by the Russian com pany therefore aggregate $3,785,208.
Of this amount prior to March 31 1910 there were carried on your books
as investments: Cash shares at cost, $696,322; apport shares, $198,962;
5% debentures at cost, $2,243,243. As of March 31 1910 the Investment
I n the cash and apport shares was written olf to $1 for each class of shares,
leaving the book value $2,243,245. Further depreciation m ay be required.
Other Items are carried against the Russian com pany In other accounts as
follows; A ccounts receivable, $32,356; notes receivable, $290,000. The
unpaid Interest on the debentures has not been entered on our books.
The losses In the execution of the St. Petersburg contract were approxi­
m ately 2,000,000 Rs. ($1,030,000); In other operations, 1,584,425 Us.
($815,978); total In excess of $1,800,000. There are other losses not deter­
mined relating to the actual value of the M oscow plant.
The city of St. Petersburg is withholding over 700,000 R s. ($360,500) by
way of lines Imposed for alleged delays in the perform ance of the contract,
and the com pany Is urging a large claim for extras. The lines, It is hoped,
m ay be substantially remitted. Until these disputes are adjusted, It Is
obviously Impossible to predict how much of our investment in the Russian
com pany can be realized. The maintenance of the com pany Is necessary
pending the negotiations. Advances approxim ating $110,322 to March 31
1911 are secured to us by m ortgage. During the past year Improvement
In the operations and Increase of the business of the M oscow plant encourage
the hope that It m ay at least earn Its operating expenses.
(8)
Westlnghouse Metallfaden-Gluhlampen-Fabrik Gesellschaft, m .b.Il.
Organized In Austria Sept. 6 1906; has outstanding capital stock of
1,600,000 kronen ($324,800). Of this 1,230,000 kr. ($249,690) are owned
b y the W oulnghouse El. & Mfg. Co. ami W estlnghouse Lamp Co. and are
carried at $250,627. The Austrian com pany operates a factory for the
manufacture of tungsten lamps at Atzgcrsdorf near Vienna. Its operations
have so far been measurably profitable, and the shares owned by your com ­
pany m ay safely he considered worth their book value.
(9) Westlnghouse Metal Filament Lamp C o., Ltd. (London Lamp C o.).
Organized in 1906; has a capitalization of £10,000 ($48,500), of which
80% Is owned by W estlnghouse Lamp C o., one of your subsidiaries, and Is
carried at cost, $38,800. Organized to control the patents covering the
m anufacture of tungsten lamps outside of the Austrian Lamp C o.'s terri­
tory. The book value should be realized.
(10) Canadian Westlnghouse Co., Ltd.— See separate statement below.
Organized In Canada. Capital stock auth., $5,000,000; Issued, $4,376,­
600, of which your com pany owns $1,710,000, including $500,000 acquired
for patent rights and m anufacturing Information. The balance, $1,210,000,
has been acquired from time to time at par for cash. The shares are carried
at par, $1,710,000. Manufactures at Ham ilton, O nt., general electrical
apparatus and In addition the W estlnghouse air brake. Has been uni­
form ly and increasingly successful and has paid dividends regularly since
1903 at 6% per annum, with an extra 1% paid for 1910. The sharesare
worth In excess of their b ook value.
(11) The Westlnghouse Machine Co.
On Feb. 28 1910 your com pany acquired $250,000 of the capital stock
as part consideration In the adjustm ent of our relations with the Security
Investm ent Co. valuing It on your books at $218,538; March 31 1911
your directors wrote olf $93,538, leaving the book value $125,000.
(12) Nernst Lamp Co.
On O ct. 28 1909 your com pany acquired $500,000 5% 1st M. bonds at
par under a readjustm ent. These bonds are carried at par, $500,000.
The W estlnghouse Machine Co. owns ail the capital stock.

Jan. 31 years—
1910-11.
Gross earnings---------- $590,959
Net earns, aft. t a x e s ).$240,681

1909-10. 1908-09.
$561,990 $545,122
$217,882 $212,116

1907-08. 1906-07^
$511,491 $457,174
$ 241,047 $203,757

IN V E S T M E N T S TO TAL B O O K V A L U E M A R C H 31 1911, $24,034,636.
-------Am ount Owned------(Capital Stock Except where OtherTotal
wise Indicated.)
Issued.
Face Value. Book Value.
W cstingh. El. & Mfg. Co. assent, s t k .$36,694,587 $1,507,048 $1,507,048
Convertible sink. fd . bonds & scrip 19,957,000
267,150
267,150'
“ Subsidiary com panies” (seeabove)
N ot Included
Perkins Electric Switch Mfg. C o--------See above
Sec a bov e
1,875,000
W esting.
500,000
------1,333,7501
_ Elec. Co., L td.,\ ord. shares 1,333,750
.
(of Great B ritain)------Jpref. shares
919,317
919,317/
British W esting. E l.&Mfg. ord. shares 1,818,750
922,615
None
Preference shares_________________ 7,275,000
2,600,143
893,520
4% m ortgage debenture stock ------ 6,020,562
3,273,750
3,137,1056% prior lien debentures__________ 1,132,960
None
Societc An. W esting. Paris, ord. shs.
1,930,000
556,563
Preference shares_________________
1,930,000
893,348
896,536
5% debentures______ . ___________
1,447,500
1,447,500
1,430,73d
Sce foregoing statement
Soclete Itallana W estlnghouse.
.
1,351,000
694,800
S oc. Elec. W esting, de Rus. cash. shs.
1
239,320
A pport shares____________________ . 2,509,000
1
2,702,000
5% debentures___________________ . 2,702,000
2,243,245
324,800
W esting. Metallfaden (Austrian Co.)i
249,690
250,627
48,500
38,800
W esting. Metal Filament Lamp C o._.
38,800
. 4,376,600
1,710,000
1,710,000
. X T , 373,450
250,000
125,000
500,000
500,000
Nernst Lamp Co. 1st M. 5s.
.
(?)
820,377
. 4,142,385
820,135
. 2:3,351,000 21,840,000
2
. 2:4,910,000
912,000
912,000
1,000,000
907,219
. 2-2,000,000
400,000
400,000
Atlanta W ater & Electric Power C o .. 1,500,000
90,250
1
Central Georgia Power Co. stock ____(?)
153,424
180,500
Bonds ______ ___________________ .
(?)
1
4,885,600
Lackawanna & W y o . Val. R . T . Co . 6,000,000
4,147,042
888,000
100,0001
Collateral trust 5s of 1951............... .
First lien and consol 5s__________ . 2:6,795,000
6,074,000/
Gr. R ap. Gr. Ila v . & Musk. R y. bds. . 2:1,500,000
500,000
500,000
Indianap. & Cln. T rac. Co. b o n d s ... . 2:1,300,000
164,000
139,400
R ock Island South. R y. Co. bonds. . 21,600,000
52,100
57,000
Spokanc & Inland Empire R y . C o__ 216,409,100
150,000
85,000
Portales Irrigation Co. bon d s_______ 160,600
126,167
(?)
Titan Steel Casting Co. stock _______ ■
292,200
41,801
(?)
Miscellaneous bonds and stocks, &c. ■
269,768
(?)
(?)
:-E d.] (?)
105,811
(?)
Liabilities— Collateral Trust Notes, & c.
The $6,000,000 6% notes outstanding a year ago were reduced to $4,­
000,000 b y the paym ent of $2,000,000 on Aug. 1 1910. The collateral
securing these notes maturing A ug. 1 1913 Is as follows: $6,000,000 5%
1st lien and consol M. gold bonds of Lackawanna & W yom ing Valley R apid
Transit Co.; $950,000 assenting capital stock of W estlnghouse Elec. & Mfg.
C o.; £675,000 4% M. deb. stock of British Westlnghouse Elec. & Mfg. Co.
L td .; £236,100 preference shares of the British Westlnghouse Elec. & Mfg.
C o., L td .; $500,000 5% 1st M. bonds of Grand Rapids Grand Haven &
Muskegon R y .; $160,000 capital stock of Canadian Westlnghouse C o., L td .
The collateral securing the $2,720,000 5% notes maturing O ct. 1 1917
Is as follows: 10,500,000 frs. 5% debentures Soclete Electrique W estlnghouse
de Russle; 7,395,000 frs. 5% debentures Soclete Anonym e W estlnghouse o f
Paris; $322,000 capital stock of Canadian Westlnghouse C o.. L td.; $21,000
5% convertible bonds of W estlnghouse Elec. & Mfg. Co.; $699 45 cash.
The long-term notes aggregating $1,383,650 are unsecured.
B y reference to the foregoing description of the securities com prising tho
collateral for the 6% and 5% coll, notes, it will be seen that, with the pos­
sible exception of the shares of assenting capital stock of the W estlnghouse
Elec. & Mfg. Co. the collateral securing these notes is not readily salable.
(13) Traction & Power Securities Co., Ltd. (V . 86, p. 287; V. 85, p. 1644). Your com pany must therefore contem plate the necessity, as these notes
The receivers of your com pany on Dec. 31 1907 acquired at par £169,150 mature, cither of extending them with the same collateral or of providing
($820,377) of the capital stock from the British Westlnghouse El. & Mfg. other means of meeting them than through the sale of the collateral. There
C o., L td ., In paym ent of certain notes and accounts. These shares we carry can, in the nature of things, be but tw o such other sources: first, through
at $820,135. The Securities Co. was organized In 1901 In Great Britain as the issuance of additional capital securities either by way of bonds, securi­
a securities holding com pany. Its outstanding capital Is, ordinary shares,
ties or stock; or, second, through the use of the com pany’s earnings.
£854,100 ($4,142,385).
OUTLOOK FOR D IV ID E N D S ON A S S EN TIN G STO CK .
The com pany’s assets consist almost wholly of; (a) £620,000 ($3,007,000)
4 % prior lien debentures of the Mersey (electric) R y ., extending through
The foregoing Is a question seriously to be considered before the earnings
the tunnel under the Mersey R iver, from Liverpool to Birkenhead. This of the com pany arc applied to the paym ent of dividends on the assenting
railway earns a small surplus after Interest on these debentures. The de­ stock. A fter a careful consideration of all of the circum stances, having
bentures have sold recently In small lots at about 81. (b) £344,470 ($1,­ due regard for the true condition of your balance sheet, hereinbefore minute­
670,679) ordinary shares o f the Clyde Valley Electrical Power C o., which ly described to you, the elements of uncertainty as to the Immediate future
owns power plants at Motherwell and Y ok cr on the Clyde R iver, near Glas­ of your com p any’s business, the need for cash for new foundry facilities,
gow . For additions the Clyde Valley Co. has recently Incurred Indebted­ for extension of the Newark plant and other factory inr ro\ -nrents and the
ness, secured by m ortgage to the Traction & Power Securities C o., of over necessity of making wise provision for shortly maturing obligations, your
£140,000 ($679,000), which will probably be Increased before the work Is directors have felt that It Is not wise at the present tim e to weaken your
com pleted to £200,000 ($970,000). Some adjustm ent of its capital to pro­ com p a n y’s position by diverting Its surplus earnings, even in part, to the
vide for the funding of this tem porary loan will be necessary before the paym ent of dividends on the assenting stock.
Clyde Valley Co. can pay dividends, although It Is now earning a substan­
R E SU LT S FOR YE AR S E N D IN G M A R C H 31.
tial surplus after fixed charges. There Is no exact basis on which to esti­
1910-11.
1909-10.
m ate the value o f the shares.
1908-09.
$
$
$
(14) Niagara Lockport & Ontario Power Co. (Compare V . 92. p. 61; V . 90, Gross earnings_______________________ 38,119,312 29,248,682 20,606,592
p. 506; V . 88, p. 1317.)
a Operating expenses________________ 32,510.547 25,695,704 19,955,808
Y our com pany owns $912,000 of 1st M. 5% bonds and $1,000,000 o f the
5-year 5% coupon notes, and owns or controls substantially 55% of the
Net earnings______________________ 5,608,765
3,552,978
650,784
outstanding capital stock of that com pany. The bonds we carry at $912,­
Other Income—
000, the notes at $907,219 and the stock at $2.
362,384
Interest and discount________________
272,055
388,540
These bonds, notes and stock were acquired chlclly In exchange for col­ Int. & d lv. on stocks & bonds ow n ed .
782,316
615,299
478,810
lateral notes of the Iroquois Construction Co. bought b y your com pany In Miscellaneous
628,177
749,212
royalties, & c__________
170,775
O ct. 1907 and partly In paym ent of advances made prior to and during the
receivership of your com pany to finance the construction of the trans­
1,966,259
T otal Incom e........................................ 7,124.297
5,169,540
mission line of the Niagara Lockport & Ontario Power C o., extending from
Deductions from Income—
Niagara Falls to Syracuse and Intermediate points. This com pany Is en­
1,056,808
on bonds and debentures____
1,076,554
1,112,320
gaged In the transmission and sale of electric power generated at Niagara Interest
416,000
496,000
Interest on collateral notes__________
496,515
Falls b y the Ontario Power Co. (see p. 158 of “ R y . & Ind. S ec.” ), in which
Miscellaneous Interest_______________
92,933
80,863
647,448
your com pany has no Interest. The Niagara Lockport & Ontario Power
513,316
Property & plant deprec. written o il.
371,668
243,522
Co. Is earning and paying the Interest on both Its notes and bonds, and Its P rop. exp . bond and note Issues_____
76,667
______
business shows a continuous growth. It would seem that the above book M iscellaneou s_______________________
170,854
209,369
176,171
vaiucs should eventually be realized. The earnings of the com pany during
the 3 H years ended Dec. 31 1910 were:
2,884,942
2,243,191 2,108,876
T otal deductions_________________ .
6 A fos.1907. Year 1908.
Year 1909. Year 1910.
B a la n c e ____________________________ sur.4,881,106sur.3,060,664 def .918,683
Total receipts...................
$196,227
$592,103
$863,774 $1,051,521
Other Profit and Loss Credits—
Gross Incom e___________
def.7,677
216,526
448,513
555,634
P . & L. surplus beginning of year___ .
5,668,948 8,980,335 11,972,997
Net in com e........................ def.67,811
42,876
251,956
351,521
Profit on bonds purchased & retired
105,479
5,200
14,177
through sinking fund____________ l
(15) Atlanta (Ga.) Water & Electric Power Co. (V. 80, p. 1731).
U .415
On O ct. 1 1907 your com pany acquired at par $400,000 of the capital Profit on deben. certfs. pu rch a sed .. J
.
459,399
A
djust,
prop,
and
plant
accounts___
............
stock, being part of an Issue of $1,500,000 outstanding. These shares we
172,336
_________
carry at cost, which should eventually be approxim ately realized. This A c c ’ts recelv. prev. written o il_____ .
27,994
43,372
47,985
com pany operates a hydraulic electric power plant near Atlanta, Ga. Its M iscella n eou s____________ _________ .
power Is sold on long-term contracts to the com pany operating the local
Gross surplus........................................ 11,230,362 12,094,576 11,187,787
traction lines and the light and power com pany In Atlanta. It earns regu­
Profit and Loss Charge—
larly a surplus over and above the 4% dividend paid on Its stock. Its
Various profit and loss charges______ c4 ,636,342 c6,075,741 2,207,452
earnings for years ended Dec. 31 were:
Dividend on preferred stock ----------(1514)629,795 (8 54)349,886
_____ _
1909.
1910.
1910.
1909.
Gross earnings__ $183,981 $181,783 Int. (5% on $1,­
T otal surplus March 31.................. .. 5,964,225
5,668,948
8,980,335
Net (after taxes) .$144,557 $147,866
350,000 bonds) - $67,500 $67,500
15,000
Other Incom e____
2,569
6,578 Reserve for depr’n 15,000
a Includes factory costs, em bracing all expenditures for patterns, dies,
Other Inc. c h g c s ..
79
748
new small tools and other betterments and extensions. Also Inventory ad­
T otal lncom e-.$147,126 $154,444
Surplus for the year___________________________________ $63,878 $71,865 justments and all selling, administration, general and developm ent expenses.
c "Various profit and loss charges” Include In 1910-11 depreciation of se­
cu ritie s —U. S. Elec. L tg. Co. stock, $431,092, and Consol. E l. L t. Co. stock
(16) Lackawanna & Wyoming Valley Rapid Transit Com pany.
From 1904 to 1908 your com pany acquired at par $6,174,000 5% bonds and bonds, $307,121; difference between direct liability established for
of the com pany. Until March 31 1911 these bonds were carried at cost, W alker Co. bonds and appraised, sound value of property m ortgaged,
$6,147,042, but on that date we wrote oir for depreciation $2,000,000, $455,085; depreciation of securities owned, $2,852,915; reserved foi notes
making the present book value $4,147,042. A t this value It Is hoped that and accounts receivable, $589,774, and miscellaneous, . 355; In 1909-10
tills Investment m ay eventually be liquidated. Y our com pany also owns they Include depreciation of securities owned and accounts receivable,
$4,885,600 (out of a total Issue of $6,000,000) of the capital stock carried $5,723,251; reserved for a cc’ts receivable, $329,181; m iscell., $23,309.
at $1. The Transit com pany owns all the securities of five subsidiary com ­
B A L A N C E S H E E T M A R C H 31.
panies, which In turn own a line of double-track, electrically operated rail­
1910.
w ay extending from W ilkes-Barre to Scranton, I’ a ., a total distance of
1909. ~
1911.
operated double track of 22.63 miles. The cost of constructing and equip­
$
$
$ ,
ping this property was $7,097,091. There arc two issues of 5% bonds Factory plants (Incl. real estate,bldgs.,
machinery, equipment, & c .)---------- 17,692,146 14,974,629 14,578,390
outstanding. Of the first Issue (a prior lien upon most of the property),
there are $888,000 outstanding, of which $100,000 arc Included In the Sink. fd . to redeem convert. 5% b d s.
627
445
48,234
$0,174,000 stated above. The net earnings have never been sufficient to C a s h _________________________________ 6,634,677
7,040,951 10.297,930
28,280
91,816
pay tho entire Interest on Its outstanding bonds. Operations of Its sub. cos.:
1,556,100
Cash— Spec, deposit & for cou pon s,& c.




1634
Due from subscriptions to cap. stock .
R aw materials , supplies anti work
com pleted and In progress, goods
Charters, franchises, patents, InsurE x p . Incident, to Issue o f bds. & notes
T o ta l.......................................................
Liabilities—
P referred ____________ _______________
Assenting ___________ _______________
Non-assenting ______________________
Convertible sink. fd . 5% gold b o n d s ..
Debenture certificates______________
W alker Co. bonds guaranteed_______
Collateral notes ( 6 % ) _______________
do
do
( 5 % )....... .....................
4, 5, 6 and 15-year 5% notes______ _
Subscription to capital stock of Soo.
Elec. W estlnghousc de Russle_____
Notes payable______ _____ __________
A ccounts payable___________________
Interest, A c., accrued, not d u e---------P r e f.d lv . payable April 15 1911-------Real est. M. assumed In purch. prop.
Reserves for Invent., adju3t’ ts, & c..
Miscellaneous________________________
Profit and loss surplus--------------------T otal.

THE CHRONICLE
1911.
S
2,946,551
9,494,731
53,929

1910.
S
3,766,916
9,169,503
410,240

1909.
S
3,650,999
6,951,790
1,166,280

14,321,474
24,034,636

13,893,595
27,206,346

9,961,182
29,844,289

6,195,307
993,333

6,083,605
950,000

6,827,212

82,395,510

83,588,228

84,885,471

3,998,700
36.694,587

3,998,700
36,720,488
600
20,486,754
1,810,000
(c)
66,000,000
2,720,000
1,387,150

3,998,700
36,636,125
600
20,532,252
1,969,000
(C)
66,000,000
2,702,703
1,392,150

19,957,000
1,800,000
850,000
64,000,000
2,720,000
1,383,650

2,454,675
572,804
139,954
228,200
1,630.774
941
5,964,225

173,750
100,000
2,509,155
573,928

347,500
125,000
1,168,791
481,682

9,250
1,280,102
119,403
5,668,948

8,980,335

82,395,510

83,588,228

84,885,471

550,634

a Investm ents Include stocks, bonds, debentures and collateral trust
notes, Including those of affiliated European and Canadian W estlngh. Cos.
b Secured by Lacka. & W yom . Val. R ap. Tran. Co. bds.; see V . 85, p. 44.
c Outstanding In these years, but treated as a contingent liability and
so not Included.
N ote.— The com pany has a contingent liability for notes receivable dis­
counted by the subsidiary C03. amounting to 510,704.— V. 91, p. 809.

British Westinghouse Electric & Manufacturing Co., Ltd.
{Report for Fiscal Year ending Dec. 31 1910.)
Secretary and Treasurer Arthur E . Scanes, Loudon,
April 22, reported (see Westinghouse El. & Mfg. Co. above):
There has been a considerable Improvement In the volum e of business
obtained during the year 1910, and. though, owing to severe com petition,
tho prices secured have not been higher, the results of the year’s trading
show a decided advance on previous years.
A substantial sum has been appropriated out of revenue during the year
for the maintenance of buildings, machinery and plant, and a further sum
o f £ 2 4,424 has been applied to the depreciation of the same Items, which
sum your directors consider sufficient under the circum stances.
During the year under review the Increased demand previously shown by
the export market has continued and has extended to the home market.
The orders for the current year show a considerable Increase over those
for the corresponding period of 1910.
IN C O M E AC C O U N T FOR THE Y E A R E N D IN G DEC. 31.
1910.
1909.
1908.
Profit for year, lncl. estimated profit
accrued to date on contracts In
progress, int. received, & c., after
providing for exp. of management,
directors’ fees, for bad & doubtful
debts, m alnt. o f bldgs., m ach., A c.,
£64,741
£81,040
and ail other working charges-------£110,134
3,090
(a)
2,370
In t. on deposits and loans----------------31
26
Transfer fees________________________
35
T o t a l . ....................................................
Deduct—
In t. on tem porary loans, less Int.
on deposits________________________
Interest on 6% prior lien bon I s .........
Prior Hen deb. redemption a cco u n t..
Proportion of Issue expenses of 6%
prior lien bonds written o lf-----------In t. on 4 % m tge. debenture s tock —
Exhibition expenses_________________
E xp . on surplus land A buildings . . .
W ritten olf works, plant, m ach., A o.
Expenditures on contracts of prev. yrs.
not provided for in reduc. of caplt’l
Reserved for general depreciation___

£84,156

£64,772

£14,358
5,642

£14,700
5,300

a £ l,8 8 5
7,525
5,000

660
49,654

660
49,654

5,365
9,423

5,674
6,481

£112,539

15,000

T otal deductions...........................—
£100,102
Balance ____________________________ sur.£12,437

700
49,654
2,982
4,471

£72,217
dcf.£7,445

o Interest on deposits was deducted from Interest on tem porary loans
In 1908.
D A L A N C E SH E E T OF DEC. 31.
1910.
1909.
1910.
1909.
Assets—
£
£
Liabilities—
£
£
Pats., good-will, A c. 375,000 375,000 Capital Issued:
Preference shares. 1 500.000 1,500,000
Works, machinery,
Ordinary shares.. 375.000 375,000
plant, A c.............. 2,224,794 2,139,393
6% prior lien debs. 233,600 239,300
Completed works on
4% M. deb. stock. 1 241,353 1,241,353
contract................ 394,304 393,250
Prior lien deb. re­
Sundry debtors, less
demption account.
136,226
reserve _________ 166,389
Int. accrued on prior
Shares and deben­
28,331
26,968
lien and M. d eb s..
tures In other cos. *286,415 *288.543
170,875
28,406 Sundry creditors, Ac. 186,450
Bills receivable.........
6,754
120,215 Reserve for employ­
Cash .............
73,469
4,000
ers’ liability..........
50,000
Loan agst. security.
30,000
5,117
19,182 Profit and loss..........
Miscellaneous........ ..
16,855
7,319
Profit A loss account ______
T o ta l.................... 3,573,980 3,557,534

T o ta l.................... 3,573,980 3,557,534

•Shares and debentures In other com panies have been valued at cost or
under. There Is a contingent liability of £595 In respect of uncalled capital
In other companies and of £2,499 for bills under discount.— V . 91, p. .>91.

Canadian Westinghouse Co., L td ., Hamilton, Ont.
{Report for Fiscal Year ending Dec. 31 1910.)
President George Westinghouse in March last reported:
The net profits for 1910 were $697,393, which Is an Increase of 40% over
1909. From tho year’s profits quarterly dividends at the rate o f 6% per
annum and at the close of the year a bonus of 1% fmaking a total for the
year of 7 % ) have been paid, amounting to $306,362; $100,000 has been
added to tho general reserve for depreciation of property and plant, which
reserve now stands at $400,000 on the books; $30,000 has been added to the
reserve for Inventory adjustment, Increasing to $50,000 the am ount set aside
for that purpose should fluctuation of value require, and $70,522 has been
written olf items In property and plant account which arc not directly pro­
ductive from a manufacturing standpoint. The remaining balance of $190,­
509 has been carried forward to the credit of profit and loss, which shows
a totai unapporttoned surplus on Dec. 31 1910 to be $726,613.
The sustained and Increased demand for apparatus of all types In the elec­
trical field, and the stability of orders for air brakes, have enforced a co n ­
tinual and cumulative growth of manufacture to satisfactorily care for
these desirable conditions, resultant In faotory output aggregating an In­
crease of approxim ately 44% over 1909, Involving considerable congestion,
t- A new high record for sales has been reached during the year, approxi­
m ately an lnorease of 25% over 1909, tho period of previous m axim um .




The larger volum e has com e from extensions to existing plants as well as
from numerous new power developm ents, and has been well distributed
geographically from ocean to ocean. Com petition has been keen at the
hands o f home and foreign manufacturers, the latter having been reinforced
by additional entrants attracted by the large developm ents In Canada.
Extensive additions to the warehouse and detail buildings are about
ready for occu p an cy, and an extension o f the foundry building, about
doubling Its ca p a city , Is under way and will be com pleted with the opening
o f spring. T he probability of still further Increased business raises the
question of additional m achine shop facilities at a not distant date.
R E S U L T S FO R C A L E N D A R YE AR S .
1910.
1909.
1908.
1907.
Net earnings.............
$697,393
$498,380
$320,377
$427,053
D iv id e n d s ____________(7% )$306,362 (6)$261,540 (6)$249,937 (0)5215,221
Reserve for depreciation
100,000
70,000
30,000
100,000
______
______
______
Reserve for Inven. a d j . .
30,000
W ritten off p rop .A p lant
70,522
62,461
_____________
Balance, surplus.

$190,509

$104,379

$40,440

$111,832

B A L A N C E S H E E T DEC. 31.
1910.
1909.
1910.
1909.
Liabilities—
S
§
Assets—
$
$
Cash ........................ 376,565
608,403 Capital stock Issued.4,376,600 4,376,600
Accounts & bills rec. 1,276,527 853,233 Accounts payable_ 501,847
275,515
Property & p lan t..*2,764,403 2,766,489 Reserves................. 450,000 320,000
Materials, A c_____ 1,626,884 1,269,728 Profit and loss.. 726,613
536,104
Insur. & taxes In adv
10,680
10,366
T o ta l.................... 6,055,060 5,508,219

T o ta l.................... 6,055,060 5,508,219

•Consists of Hamilton (including atr-brakc and electric properties, real
estate, general office building, equipment, sundries and patents, rights and
licenses), $2,764,403, and W innipeg (Including real estate and building for
offices and warehouses), $61,850.
See also Westinghouse Elec. A M fg. Co. abov e.— V . 92, p. 883.

Societe Anonyme Westinghouse of Paris.
(Statement for Fiscal Year ending Dec. 31 1910.)
The following is taken from the report of the Westinghouse
Electric & Mfg. Co.— see that company above for further data:
INCOME STATEMENT FOR YEARS ENDED DEC. 31 (Figures for 1910 prelim’u)
1910.
1909.
1908.
1907.
1906.
Francs.
Francs.
Francs.
Francs.
Francs.
Gross. earns(.shlp’ ts billed) 14,031,636 13,207,311 15,184,819 10,350,733 9,864,092
_
*23,243 *288,125
Net .prolit from operations
670,785 *1,183,941
*730 021
Other income....................
412,205
726,120
211,629
183,163
83,581
Total Income........ .......
Interest charges................

388,962
397,359

Net surplus for year..

*x8,397
($1,620)

♦Loss,

437,995
513,327

882,414 *1,000,778
604.881
351,644

*$46,440
29,825

*75,332 cr277,533 *1,352,422
*676,205
($14,539) ($53,563) ($261,017) ($130,519)

x Preliminary—final reports not yet received.

CONDENSED PRELIM INARY BALANCE SHEET DEC. 31 1910 (inFrancs)
(This docs not take Into account the Increase In the debenture Issue or the pro­
posed reduction of share capital. See West El. & Mfg. Co. above.]
------- -- '
................(32,853.458
.........I*.)—
Liabilities
frs.)
Assets (32,853,458frs.)
Real estate and buildings----- 3,621,769 Ordinary shares...................
10 ,000,000
Machinery, tools, patterns,Ac. 4,537,979 Preference shares____ ______ 10 ,000,000
Patents................................
3,985,000 5% debentures...........................7 ,500,000
473,091
Investments—Italian Co____ *2,969,094 Notes payable______________
Miscellaneous_____________
748,9 49 Accounts payable____________ 3 207,077
241,817 Advances on account of appa­
Cash.......... .............. ..............
Cash guaranties & advances..
224,287
ratus to bo delivered_______ 1 090,559
193,662
Notes and accts. receivable__ 8,502,927 Interest, A c........ ......... ...........
389,069
Materials and supplies............ 7,842,535 Reserves, profit and loss, A c._
Deferred charges____ _____ _
178,5011
*1,000 shares (par value 250,000 lire) deposited with bankers as security for guar­
anties on contracts undertaken.
Note.—As of Dec. 31 1910, the French company had a contingent liability for
guaranties and endorsements made for account of the Italian company to tho
amount of 1,570,014 frs.—V. 89, p. 284.

Dominion Textile Co., L td ., Montreal.

{Report for Fiscal Year ending March 31 1911.)
Pres. C. B. Gordon, at the annual meeting May 29, said:

2,486
£84,955
def.£799

[V o l . L x x x x n .

The net profits for the year, after paying current Interest on loans, all
mill charges and writing o il the usual amount for repairs and betterments
to the mills, amounts to $989,71 1. T o these profits we have to add $68,440,
being a dividend of 2 M % oil 27.376 shares of the Dominion Cotton Mills
Co., Ltd., stock, and $51,880 50, being a dividend of 3 j^% on 14,823 shares
of the Merchants’ Cotton Co. stock. In all $1,110,031.
Out of this amount had been paid the following: Interest on b ond s,
$214,881; dividend on preferred stock, $130,137; dividend on com m on stock,
$250,000; rental of Dominion Cotton Mills C o., $332,889: rental of Mer­
chants’ Cotton C o., $57,911; rental of Mount R oyal Mill, $74,002; and after
allowing for all bad and doubtful debts, there is left a surplus for the year
of $37,106
This will bring tho am ount at the credit of profit and loss ac­
count on March 31 1911 to $530,011, to which we have to add the sum of
$119,864 annual dividends for last year on the stocks of the Dominion and
Merchants’ com panies, received since closing our books, making the total
am ount at the credit of profit and loss account $619,876, against $613,176
last year. This your directors think very satisfactory, when taking into
consideration the condition of the raw cotton market and the high price
we have had to pay for raw cotton during the past year.
Sales for the year amount to $9,470,270, com pared with $8,713,706 last
year— an increase of $726,564.
,
, ,,
The com pany has in operation 8,997 looms and 4„7,082 spindles, employs
over 6,500 hands and paid out In mill wages during the past year the sum of
$1,874,612.
,
During the past year your directors, after having most carefully con­
sidered the matter, decided to lease from the Canadian Cottons, L td ., the
Mount R oyal Spinning Co." at Cote St. Paul, which mill was manufacturing
sim ilar lines of goods as manufactured by our com pany, and on Sept. 1 1910
a lease of this mill for a period of ten years was consum m ated. This mill
has only recently been erected and equipped with most modern m achinery.
The com pany has c tered into negotiations with the town of Magog for
the erection there of a dam and electric power plant, which It Is expected
will be com pleted this fall. W hen In operation, we shall be able to receive
at least an dltlonal 1,000 li. p. for our M agog Mills at a favorable price
Tills extra power Is required owing to the large demand for our print goods,
the sales of which have increased from $ 1 , 438,000 for 1906 to $2,970,000 for
past year.
The Colonial plant at St. Ilenrl has been converted Into an up-to-date
bleachery, and is now turning out a class of goods- which Is being favorably
received by the trade and manufacturers and the demand for which Is
steadily In c-ea s'j / .
IN C O M E A C C O U N T .
1910-11. 1909-10.
1910-11. 1903-10.
8
S
$
Rent A int. of I). C.
Net profits after re­
M. Co............ ....... 332,889 328,439
pairs, A c----- ------ 989,711
893,312
Rent
A
Int.
of
Mer.
Dlv. from D.C.M.Co.
68,440
68,390
57,911
C. Co....................
65,104
do Mer.C. C o ...
51,880
51,705
74,002
City of St. Henri.......................
3,000 Mt. Royal rent acc’t.
Dlv.on pf.stk. (7 % ). 130,137
130,137
Total income........ 1,110,031 1,016,407 DIV.on coin.sfk.(5%) 250.000 250,000
Amount written off
for bad debts........
1,916
13,104
Deduct—
Int. on Dom. T. bds. 187,882" 178,079
Total deductions.. 1,072,925 980,675
Int. on Montmorency
35,732
bonds ..................
27,000
27,000 Balance, surplus----37,106

THE CHRONICLE

J u n e 17 1 9 1 1 . J

B A L A N C E SH E E T M A R C H 31.
1911.
1910.
1911.
1910.
Assets—
$
$
Liabilities—
$
S
Land,bldgs.,mach.,
Common stock .. . 5,000,000 5,000,000
shares other cos.
Preferred s to c k ... 1,859,030 1,859,030
and good-will -.11,226,629 11,118,053 Bonds, 4 series (V.
Raw cotton--------- 1,308,250
737,748
80, p .2347)___ 3,177,275 3,040,275
Stock mfg. and In
Montmorency bds.
450,000
450,000
process________ 1,806,323 1,558,142 Loans.......... ......... x4,258,277 2,960,783
Cash ...........
26,505
16,714 Open accounts. _.
170,966
187,129
Bills receivable—
Bills payable—1).
Merch. Cot. Co.
245,623
245,623
C. M .C o_____
264,639
264,639
Open accounts-. . 1,765,329 1,308,394 Deposits________
162,828
330.251
Office furniture.-.
3,378
3,463 Wages .............
69,200
61,800
Supplies.......... ......
154,357
139,146 Interest on bonds.
22,400
21,750
Starch..................
17,233
17,010 Com. div. April 1.
62,500
62,500
66,956
57,410 Pref. dlv. Apr. 15.
Drugs----------------32,534
32,534
C o a l .......... .........
39,963
55,206 Bond sinking fund ............
26,875
O i l ...................... 781
823 Contingent acc’t . .
_______
46,000
Insurance ............
60,000
45,000 Rent & Int. acc’t . . 1/661,507
466,260
IProfit and loss___
530,011
492,906
T o ta l................ 16,721,227 15,302,732 | T o ta l................. 16,721,227 15,302,732
x Loans Include loan to Bank of Montreal, $3,107,886: R oyal Bank, $711,­
154, and special, $439,237.
y Includes Dom inion Cotton Mills C o., $641,­
040; and Merchants’ Cotton C o., $20,527.
N o t e . — There arc Indirect liabilities consisting of bills receivable under
discount am ounting to $748,043.— V . 92, p. 1568.

G E N E R A L

IN V E S T M E N T

N E W S

RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central A Hudson Bay Ry.— Equipment Notes.—
Maitland, Coppell & Co., New York, have purchased from
the company $1,000,000 6 % gold notes, $500,000 each of
Series A and Series B, and have placed all of Series A on
about a 6 % basis.
Series A notes arc dated May 15 1911 and mature $50,000 yearly there­
after, but arc subject to call at par on any Interest date after 60 days’
notice. Interest M. & N. 15. Trustee R oyal Trust Co. o f Canada. The
Sorlca A notes cover 20 locom otives (15 freight, 5 passenger), 50 flfty-ton
freight cars and 180 flat cars purchased under agreement o f June 3 1911
with Superior Rolling Stock Co.
The $500,000 Series B notes will be out within a m onth. They will be
dated A ug. 15 and also mature In $50,000 semi-annual Installments: equip­
ment not yet arranged.— V . 92, p. 1309.

American Cities Railway & Light G o .-—Dividend. In­
creased.— A semi-annual dividend of 2J ^% (No. 5) has been
declared on the $10,761,165 com. stock, payable July 1 to
holders of record June 17, comparing with 2 % and
of 1 %
extra in Jan. last, 1 % % in July and 1J^% in Jan. 1910 and
1 % in July 1909. The regular quarterly div. of 13^% on the
pref. stock was also declared, payable at the same time.
The shareholders of the com pany have been notified o f the proposed pur­
chase b y Bertron, Grlscom & Jenks of N, Y ., o f $10,000,000 bonds of the
new holding com pany, and the Intention to make an advance olTering
thereof to said shareholders at 95 and accrued d lv ., paym ent to be made
at office o f Isidore Newman & Co. after July 1.— V . 92, p. 1435, 1242.

Boston & Maine RR.— Sale of Notes.— It was announced
on June 14 that the company had sold an issue of $5,000,000
1-year 4 % coupon notes of large denomination (probably
$5,000, $10,000 and $25,000), dated June 15 1911 (int. s-an.),
to the 1st Nat. Bank of Boston, to provide for improvements,
and also for the purchase, just authorized, of the Worcester
Nashua & Rochester R R . Compare V . 92, p. 1435, 1563.
Brooklyn Rapid Transit Co.— City Committee Recommends
Award of New Lines.— See Rapid Transit in New York City
below.— V . 92, p. 1177, 593.
Buffalo & Susquehanna RR.— Earnings of Coal Property.—
In connection with the receiver’s report of railroad operations
(V . 92, p. 1558) should be noted the following report of the
Buff. & Susq. Coal & Coke Co., whose entire $1,140,000 stock
and all of its $1,240,000 1st M. bonds are owned by the Buff.
& Susq. R lt. Co. (V . 85, p. 1266). $2,400,000 2d M. bonds
are held by the public.
Income Account B u ff. & Susq. Coal & Coke Co., Ten M os. Ended A p ril 30.
1910-11. 1909-10.
1910-11. 1900-10.

1635

Th®
used to ret,re $10,227,000 underlying bonds (being al
except $3o0,000 Dutchess County 4 Ms, the mortgages being canceled (all o
4 V?,b,?nd8..£_c
turncd In except $40,000 gen. M. Income bonds, to redeem
which, with accrued It t ., cash ha been deposite i and $1,740,000 notes.
Guaranty Imprinted on the bonds: “ For value received. The New York
New H aven & H artford R R . Co. hereby guarantees the paym ent o f the
principal and Interest o f the within bond, according to Its tenor, to the legal
holder thereof. Dated at New H aven, C onn., this
day o f
A D
19- . (Signed, The New York New H aven & Hartford" R R . C o., b y ______
President. Countersigned b y ______ _ Treasurer.)

Earnings.— For 10 months ending April 30:
Operating
Net
Accrued Other
Fixed

Balance,

10 Mos.—
Revenue. Revenue. Taxes. Income. Charges. Surplus.
1 9 1 0 -1 1 -------- $2,629,111 $1,081,632 $130,000 $51,239 $732,315 $270,556
80,000
'
’
'
1909- 10 ____ 2,495,920 1,086,499
— V . 92, p . 1374. 1178.
................................ ........

Chicago & Alton RR.— Dividend Action.— The executive
committee met on June 13, but took no action on the semi­
annual dividend on the 4 % non-cum. pref. stock, which is
usually declared at about this time.
It Is thought that action m ay be taken at the regular weekly meeting to be
held next week. The earnings for the 10 months ending A pr. 30 were
shown In the “ Chronicle” o f June 3, page 1494.— V . 92, p. 394.

Chicago Burlington & Quincy RR.— Ronds Called.— Thirty
Republican Valley R R . 6 % bonds, due July 1 1919, of
$1,000 each, and 15 of $600 each, have been drawn for re­
demption at par and interest on July 1 at the New England
Trust Co., Boston, trustee.— V . 92, p. 1435, 1374.
Chicago & Milwaukee Electric RR.— Status.— The “ Mone­
tary Times” of Toronto on May 13 said:
■ Im m ediately a question as to the validity o f a portion o f the bond Issue
Is settled, the road will be reorganized. A com m ittee o f T oron to bond­
holders have united with Chicago Interests to secure con trol. A m on g the
l o r o to syndicate are: VV. E. Stavcrt, of the Bank of M ontreal, who has
acted as trustee for the other banks in the settlement o f the Sovereign
B an k s airalrs; H. S. Osier, F. G. Jem m ett, Gen. Mgr. o f the Sovereign
Bank, and several T oron to brokers and financial m en. F or some tim e the
railway has been in receiver’s hands. T he W isconsin and T oron to
Interests now hold $7,500,000 o f the $10,000,000 o f the W isconsin bonds
and $3,300,000 of the $4,000,000 Illinois 1922s. The Sovereign Bank prac­
tically owns the Chlcago-MUwaukee and the Alaska Central roads.
Those now in control have already m ade arrangements with the North­
western Elevated R y ., which will carry the cars right Into the centre o f
C hicago, and as soon as the reorganization Is com pleted, the entrance Into
Milwaukee will be double-tracked and put on a permanent basis.
For these Improvements a small bond Issue will have to be m ade and
probably a small Issue o f stock.— V. 92, p. 955, 525.

Chicago & North Western Ry.— Listed.— The N . Y . Stock
Exchange has listed the $7,500,000 gen. 4s recently purchased
by Kuhn, Loeb & Co. and re-sold (V . 92, p. 1178), making
the total amount of the gen. 4s listed $22,500,000.
Purposes for which $7,500,000 bonds were issued.
$6,500,000
T o redeem a like am ount of existing b o n d s.- _______
For permanent Improvements and additions, including equip­
m ent, elevation o f tracks and additional right o f w a y ___ ____ 1,000,000
Earnings.— For 10 months ending April 30:
Ten
Operat'g
Net
Taxes
Other
Interest,
Mos.
Revenue. Revenue.
Paid.
Income. Rent’s,Ac.
$

$

3

5

$

Balance
for Divs
$

1910- 11.62,560,500 18,203,511 2,627,000 2,247,017 7,707,891 10,115638
1909-10.61,521,569 18,205,666 2.404,000 _________
Dividends at the rate of 7% on the $130,114,500 com m on and $22,395,666
pref. stock call for $7,590,012 and $1,493,000. respectively, fo rth e lO m o s .,
leaving a balance, surplus, for the 10 m o e o f $1,032,026.— V. 92, p. 1498.

Chicago Rock Island & Pacific Ry . — Bonds Called.—
Twenty ($20,000) 1st M. 6 % bonds of the Little Rock Bridge
Co., due July 1 1919, have been drawn for redemption on
July 1 at 105 and int. at the Girard Trust Co., Philadelphia,
trustee.— V . 92, p. 1310, 1031.
Cincinnati Bluff ton & Chicago RR.— Proposed Reduction
of Upset Price.— Judge Cook at Huntington, In d., last week
reserved decision until September next on the application of
the Union Trust Co. of Indianapolis to reduce the upset price
at which the property can be sold at foreclosure sale from
$800,000, the present figure.
The sale has been adjourned a number o f times, no bid having been made
for the road.— V . 92. p. 881, 725.

Cleveland & Pittsburgh Ry.— Stock Increase Ratified.—

The stockholders on June 15 authorized the increase of the
$
$
$
$
capital stock from $22,000,000 to $40,000,000, the new stock
Gross earnings..1,334,128 1,095,588 T o t. avail. In c-- 261,270
38,308
to be additional 4 % guaranteed special betterment stock.
Net after taxes. 228,336
17,093 Int., 8. f. & depr. 236,470
223,294
Oth.!nc.(!nt.,&c.)
32,943
21,215 Balance, surplus
24,809 df.184,986 Compare V. 92, p. 1108.
Compare V . 92, p. 1558,
Cuba RR.— Dividend Again Increased.— A dividend of
Canadian Northern Ontario Ry.— Guaranteed First Mort­ 2
( No. 5) has been declared on the $10,000,000 6 % nongage 3 j ^ % Bonds or Stock.— The bill authorizing the Domin­ cum. pref. stock, payable Aug. 1 to holders of record June 30,
ion Govt, to aid in the construction of the line from Montreal comparing with 2 % each in Feb. last and a year ago and 1 y2
to Port Arthur was assented to on May 19.
each in Feb. 1910 and Aug. 1909.— V. 92, p. 1032.
The A ct provides for the guaranty o f prln. and 3 H % Int., payable half­
Denver & Rio Grande RR.— Dividend Omitted.— For pru­
yearly, of bonds, debentures, debenture stock or other securities, re-payable
In 50 years, to the extent of $35,000 per mile, not exceeding In the whole dential reasons the directors on Tuesday, after consultation
1,050 miles, substantially as stated In V . 92, p. 1309.
The Canadian Northern R y . Is to guarantee to the Government the due with Blair & Co. and Speyer & Co., decided not to declare
paym ent b y the com pany of the prln. and Int. of the securities guaranteed at this time a dividend on the $49,779,800 5 % non-cum. pref.
b y the Governm ent, and also the due paym ent b y the com pany of the de-' stock, of which $9,805,000 is owned by the Missouri Pacific
ferred Int. and o f the Int. upon Int., If any, which m ay be payable by the
com pany under Section 10 o f the A ct: and the due paym ent b y the com pany R y. Co., together with $17,295,000 common stock.
of all loss or costs which the Government m ay sustain or be put to In
enforcing, after default, the provisions of the deed of trust against the line
of railway and premises m ortgaged.— V . 92, p . 1309, 260.

Canadian Northern Ry.— Guaranty of Bonds.— See Cana­
dian Northern Ontario R y. above.— V. 92, p . 1435, 1309.
Central of Georgia Ry.— Payments on First Incomes for
Fiscal Years 1909 and 1910.— Treas. W . C. Askew gives
notice, by advertisement on another page, to the holders of
the $4,000,000 1st preference income bonds that, by supple­
mentary resolution of the directors adopted May 6 1911,
interest at the rate of 2 .3 1 2 % (being $23 12 on each $1,000
1st preference income bond) has been ascertained and de­
clared payable for each of the two fiscal years ended June 30
1909 and 1910, respectively, and will be paid on and after
June 19 by Guaranty Trust Co. of New York or Citizens’ &
Southern Bank of Savannah, Ga. Compare V. 92, p. 1563.
Central New England Ry.— Listed.— The N . Y . Stock
Exchange has listed $11,967,000 1st M. guar 4 % 50-year
bonds due 1961, recently sold. Compare V . 92, p. 1374, 1178.




Annual Dividend Record, Per Cent.

’87. ’88. '90. ’ 91. ’92. ’93. ’ 94. '95. ’96. ’97. ’98. ’ 99. '00. ’01 to Jan. ’ l l .
2JJ 3 K 2 H 2 H
0
2
0
0
2
2 2H 4
4
5 yearly.
Statement Issued by President Jeffery.
The directors o f the c m p in y concluded that current Income should
first o f all protect the guaranties of the com pany as well as Its lixed charges
and after careful consideration they unanimously decided to follow a strictly
conservative course and forego declaring the usual semi-annual dividend of
2 H % on the pref. stock, even though the gross operating revenues of the
com pany for the current fiscal year (2 m os. estimated) will approxim ate
$23,500,000. compared with $23,563,436 for the preceding year, and a net
revenue exclusive of taxes of $7,500,000, against $7,779,467 a year ago.
Operating expenses this year Include depreciation charges under the
Inter-State Commerce Commission’s m ethod of accounting, which approxi­
mate $500,000, whereas there were no such charges against operating ex­
penses heretofore. W ithout this depreciation charge the estimated surplus
for the current ilscal year would approxim ate that o f last year.
The cash balances to-day are about $2,600,000, and there Is no floating
debt, but In view of the guaranty of Interest on Western Pacific 1st M. bonds,
the directors concluded to take the safe course o f temporarily suspending
the d lv. on the pref. stock and applying the amount, about $1,250,000, In
paym ent o f the semi-annual interest due Sept. 1 on $50,000,000 o f Western
Pacific 1st M. 5% gold bonds.
•
It was deemed best to follow this extrem ely prudent policy and thus con­
serve the cash resources o f the com pany as well as Its other treasury assets
and Insure beyond question the stability to meet Its guaranty on the bonds
and also protect its $50,000,000 of Western Pacific stock.
•

1636

THE CHRONICLE

Delay In the com pletion of the Western Pacific In accordance with the
engineers' estimates has been disappointing, but the unfinished construction
work is being gradually closed up, and arrangements arc being made tor
applying the standard operating m ethod ot accounting com m encing with
the new fiscal year, so that for July and thereafter m onthly statements of
earnings, expenses, & c., will be published.
[The management purpose to publish the Western Pacific earnings regu­
larly, beginning with July. No Information Is obtainable as to the extent
that the 1). & It. G. will be called upon to meet the Interest charges on the
W estern Pacific bonds for the current year, but It is understood that the
earnings o f the latter road rae now at the rate ot about $4,000,000 a year,
and It Is estimated that for the com ing year they will be at least
$5,000,000.— V . 92, p. 1564, 1435.

F t. Smith (Ark.) Light & Traction Co.— Earnings.—
Year end.
Gross
Net
F ixed
Preferred
Balance,
Jan. 31—
Earnings.
Earnings.
Charges.
Dividend.
Surplus.
1 9 1 1 ...............$473,842
$203,928
$119,008
$47,574
$37,346
______
69,426
1910 .............. 405,949
176,539
107,113
The $1,500,000 old 5s were called for paym ent on May 2 1911, $2,200,000
new 1st 5s being Issued. Compare V . 92, p. 1178, 1032.

Fresno Hanford & Summit Lake Interurban R y .— New
Bonds.— This company recently made a mortgage to the

Guaranty Trust Co. of N. Y ., as trustee, to secure an issue
of .$1,250,000 1st M. 5% 50-year gold bonds, par $500 and

$1,000, dated Feb. I 1911 and due in 1961, but subject to
call on any int. date at 105 and int. Of the new bonds,
$62,500 are or were reserved to retire bonds of the same
amount due Jan. 1 1961 issued under a mortgage of Oct. 1
1910 (Carnegie Trust Co.,trustee) and $98,000 for other in­
debtedness. The remaining $1,089,500 bonds will be issued
on account of the construction of 33 miles of railroad from
Fresno, Cal., to Kingsburg and Sanger in Fresno County
at $33,000 perm. Pres., F. S. Granger; Sec., W. D. Mitchell.
A San Francisco paper on June 10 said: “ Barring unforeseen obstacles,
the grading to the city limits of 1*resno will be com pleted within three weeks
N o start has been made on any other part of the w ork.”

Galveston Harrisburg & San Antonio R y .— Application to
Issue Bonds.— The company on June 15 applied to the Texas

R R . Commissioners for permission to register $7,504,785
bonds under the $10,000,000 mtge. covering the GalvestonVictoria division.
In January 1911 the Commission valued the mileage at $7,622,487, ex­
clusive of the com pany's pro rata Interest In the Galveston causeway. The
com pany tendered for cancellation the stock of the constituent lines,
am ounting to $1,362,000, and also bonds o f the same lines aggregating
$3,866,000, the latter being all the bonds outstanding except the $1,518,000
N . V . Texas & Mexican bonds.
The total of $7,504,785 bonds applied for consists of $6,104,487 on the
road proper, $203,000 on account o f the com p a n y’s $250,000 share to be
paid to Galveston County for causeway construction and $1,197,300 to
cover equipment acquired for use on the division. Compare V . 90, p. 914,
1554.— V. 92, p . 187.

[V O L . L X X X X I I .

Missouri Pacific Ry.— Ally Omits Dividend.— See Denver
& Rio Grande R R . above.— V . 92, p. 1436, 1375.
New York New Haven & Hartford RR.— Listed.— The New
York Stock Exchange has admitted to the list on and after
June 20 $61,523,500 additional stock on notice of issuance
and payment in full, making the total amount to be listed
$225,553,100 (including amounts reserved for conversion of
debentures as shown below). As to listing of Central New
England R y. bonds, see above.
Disposition o f $225,553,100 Capital Stock on June 6 1911.
Issued and o u tsta n d in g .$133,700,700 Already listed_________ $116,822,600
Res. for 3 H % con v.deb.
8,177,400 Now applied fo r_______
61,523,500
R es.for stk.now part pd. 44,645,400 For con v. of 3 'A% debs.
8,177,400
R es. for 6% con v. d eb s. 39,029,600 For con v. of 6% d e b s .. 39,029,600
Of the $61,523,500 stock, $16,878,100 has been Issued and sold and
$44,645,400 Is being Issued at 125 under contracts with subscribers in ac­
cordance with letter of O ct. 30 1909; (Inal Installment due June 20 1911.
Out of the proceeds of the 615,235 shares which have been Issued, there have
been used (as shown In the annual reports) for: construction, $9,000,000,
new equipm ent, $6,500,000: real estate, $900,000: paym ent of maturing
obligations, $18,708,000; stocks of controlled companies $28,050,121.

Earnings.— For the 10 months ending April 30:
Ten
M o s.—

Operating
Revenue.

$

Net
Revenue.

$

Taxes
Accrued.

$

Other
Incom e.

$

Total
B a l.fo r
Deductions.
Dies

$

J

1910-11.51,400,905 18,710,963 3,034,000 4,225,171 14,219,187 5,682,947
1909-10.49,874,221 19,387,936 3,305,000
______
______
______
The dividend requirements for the 10 months at the ra e of 8% per annum
calls for $10,217,185, leaving a deficit for the 10 m onths of $4,534,238.
Combined Income Account for the Ten Months Ended A p ril 30 1911.
(All Inter-Company Transactions Eliminated.)
The N . Y . N . II. & II. R R ., New England N avigation C o., H artford &
N. Y . Transportation C o., Maine Steamship Co., Connecticut C o., the Rhode
Island C o., N. Y . & Stam ford R y . C o., Verm ont C o., Ilousatonic Power
C o., VVestohester Street R R ., New Bedford M artha’s Vineyard & Nan­
tucket Steam boat C o., H oosick Falls R R . C o., Berkshire Street R y . and
Central New England R y .:
T otal revenue----------------- $71,604,924 Operating Incom e______ $21,302,044
Operating expenses-------- 47,574,927 Other Incom e___________ 2,899,135
Net oper. revenue____$24,089,997
T otal Incom e________ $24,201,179
Net rev. outside op er. . . .
1,153,342 Deduct— Int.,rents., &c.$ 15,859,504
T otal net revenue____$25,243,339
Net I n c o m e .................. $8,341,675
Accrued taxes__________ 3,941,295 Dividends ( 8 % ) _________ 8,914,307
Operating Incom e____$21,302,044 Balance, d eficit.................
-V . 92, p . 1565, 1500.

$572,632

Otsego & Herkimer (Electric) RR.— Stock and Bonds
Authorized.— The Public Service Comm., 2d Dist., on May 19
authorized the company to issue a first mtge. on all the prop­
erty, rights and franchises to secure the payment of 30-year
5 % bonds to an aggregate amount to be determined hereafter.

These are the $10,000,000 bonds which were to be Issued only In case
o f the acquisition of the Indianapolis Southern R y ., recently purchased at
foreclosure sale, the authorized amount of the mtge. being thereby In­
creased from $110,000,000 to $120,000,000. Compare V . 92, p. 1310, 527.

The com pany Is authorized to issue $500,000 com m on and $400,000 of the
bonds, the proceeds to be used to pay a judgm ent owned by the Trust Co.
of Am erica, which was recovered b y the Rochester Trust Co. on the fore­
closure of certificates Issued b y the receiver of the Oneonta Coopcrstown &
Richfield Springs R R ., said judgm ent 1 ciug a lien on the railroad property:
to pay a certain claim of the General Electric C o., which Is a Hen on the
property, and to acquire from Joseph A . Starrctt a railroad property now
operated by the Otsego & Herkimer R It. Co., purchased by him at fore­
closure sale, excepting the power plant, which has been transferred to the
H artwlck l’ ower C o. None o f the stock and bonds shall be sold or other­
wise disposed of at less than par. but ,v,nv be used, at the discretion of the
board, In making paym ents of the judgm ent and liens.— V. 89, p. 412.

Interborough Rapid Transit Co.— City Committee Recom­
mends Award of New Lines.— See Rapid Transit in New York

Pacific Coast Power Co., Seattle, Wash.— Pref. Stock
Sold.-— Stone & Webster, New York, Boston and Chicago,

City below.— V. 92, p. 1310, 1178.

recently offered at par, and have sold, $772,000 6 % cumu­
Dividend dates Jan. 16 and July 16.
Redeemable at 110 and accumulated dividends. Preferred
as to principal in case of liquidation. A circular reports:

Illinois Central RR.— Bond Sale.— Kuhn, Loeb & Co. have
closed negotiations for the purchase of $10,000,000 4 % re­
funding bonds, making $32,740,000 of the issue outstand­
ing. The bankers arc olfering the bonds privately at 96jJj
& int., a large amount having already been sold.

International & Great Northern RR.— Foreclosure Sale.—• lative preferred stock.
The property was sold at foreclosure sale on June 13 for
$12,645,000 to a representative of the 3d M. bondholders'
committee, who will reorganize the road per plan, V. 92,
p. 1374. Judge McCormick in the U. S. Circuit Court at
Dallas, T ex., has entered an order confirming the sale.—
Y . 92, p. 1500, 1374.
Inter-State Rys., Philadelphia.— First Dividend.— An ini­
tial semi-annual dividend of 3 % has been declared on the
$1,000,000 new 6 % cum. pref. stock, payable July 5 to hold­
ers of record June 20.— V . 92, p. 1243, 1032.
Joliet & Southern Traction Co.— Committee.— The bond­
holders' committee, representing, it is said, a large part of
the $1,367,500 bonds, consists of Joy Morton, J. it. Chap­
man and E. L. Stuart of Chicago, Robert Kelly and C. E.
Wilson, Joliet; T . B . Stewart, Aurora, and F . Kohlhagcn
of Frankfort.— V. 92, p. 395.

^Lackawanna & Wyoming Valley & Rapid Transit Co.—
Earnings, ifee.— See report of Westinghouse Electric & Mfg.
Co. on a preceding page.— V. 86, p. 547.

Lake Erie & Pittsburgh Ry.— Details of Mortgage.— The
company's first mortgage to the Guaranty Trust Co. of New
York, as trustee, is made to secure an authorized issue of
$15,000,000 50-year gold bonds due June 1 1961, the first
$5,000,000 (of. which $4,300,000 have been issued) to bear
and the remaining $10,000,000 not exceeding 5 % int.
Denominations $1,000 (c*) and $1,000 and multiples (r*), free of tax.
1he road Is projected to extend from Lake Erie at or near Lorain, Ohio, to a
point at or near Youngstown, with branches. O f tills about 27.45 has been
constructed or Is under construction between Mill Creek Junction, Cuya­
hoga C o., at a connection with the Cleveland Short Line R y. and Iirady
Junction. I ortage C o., at a connection with the Pennsylvania R R . Com­
pare V. 92, p. 1565, 1500.

Lake Superior & Ishpeming R y.— Ncw Bonds.— See Cleve­
land ClifTs Iron Co. under “ Industrials” below and compare

V. 92, p. 595.
Long Island RR.— Listed.— The N. Y . Stock Exchange has

listed $1,600,000 guar. 4 % ref. bonds “ stamped tax exem pt,”
due 1949 (Nos. M .19,909 to M .21,508, inclusive), making the
total amount listed to date $24,008,000.
The $1,600,000 bonds were issued to pay $1,000,000 1st M. Brooklyn &
Montauk R R . bonds matured March 1 1911, and $600,000 1st M. Long
Island City & Flushing R R . bond, due Mav 1 1911.— V. 92, p. 1500, 1109.

Metropolitan Street Ry., New York.— Sale Again Ad­
journed.— Judge Lacombe in the U. S. Circuit Court on
June 13 again adjourned the foreclosure sale of
from June 22 to Sept. 21 .— V . 92, p. 1375, 1109.




the road

The com pany is building a hydro-electric plant on the W hite River
within 20 miles of Seattle and 15 miles of Tacom a, which It Is estimated Is
capable of an ultimate developm ent of 80,000 h .p . The first developm ent
o f approxim ately 27,000 h .p ., for which there is an immediate market,
should be com pleted in the fall of 1911. The sale of this Issue of pref. stock
will provide funds for the paym ent of the com pany's lloating debt Incurred
in acquiring property necessary for the development on the White River
and funds for further hydraulic and electric construction In connection
therewith. The sale of 1st M. 5% bonds will provide additional funds
for this developm ent.
Outstanding Capitalization, Not Including said $772,000 Preferred Stock.
P ref. stock 6% cumulative, authorized $1,500.000____
$689 000
Comm on stock (present dividend rate 5% per arm.; an extra divi­
dend of 'A% was paid Jan. 16 1911). authorized, $9,000,000 7,075,000
First M. 5 % , due 1940, authorized, $10,000,000 (V . 90, p. 1102) .2 ,900,00c
Present Income o f the Company Derived from Dividends on Stocks which it Owns
Incom e from $4,125,400 com m on stock of Seattle Electric Co.
at present dividend rate of 7 % __________ .
............. .... „ ....... $288,778
Incom e from $1,637,400 com m on stock of Seattle-Tacoma Power
Co. at present dividend rate of 6 % _____________________________ 98,244
T otal present annual incom e_____ __
______ _________ $387,022
Interest charge on the $2,900,000 1st M. 5% bonds outstanding
(actually charged to “ Interest during construction” until plant
Is In op eration )---------------------------- ---------------------------------------------- 145,000
Balance........................................................................................................ $242,022
Dividends on $1,461,000 6% pref. stock, which Includes that
now ottered, require— ______ ______________
__ $87 660
N ote.— An extra dividend of 2 % paid April 15 1911 on the Seattle Elec­
tric Co. com m on stock, amounting to $82,508 on the stock owned by this
com pany, is not included in the above statement.
Negotiable com pany receipts, bearing interest at the rate of 6% per
annum, will be delivered exchangeable Jan. 16 1912 for permanent stock
certificates.— V . 92, p. 59.

Pere Marquette RR.— Equipment Notes Sold.— The Bank­
ers Trust Co., N. Y ., the Guaranty Trust Co., N. Y . and
London, and White, Weld & Co., N. Y . and Chicago, sold
this week, in two blocks, an issue of $870,000 equipment trust
5 % gold coupon notes.

4

......v. . . . . . . . . . . . . ...... v*»-..mu wee. i i u i i mm ^ i,uuu cavil int.
date (J. & D.) thereafter up to and Including June 1 1921. Bankers Trust
C o., N. Y ., trustee.
Secured b y new equipment manufactured by the American L ocom otive
Co. and the Pullman C o., as follows: 25 superheater consolidation freight
locom otives, 10 six-wheel switching locom otives, 10 consolidation freight
locom otives. 5 Pacific type passenger locom otives, 12 first-class passenger
coaches and - com bination mall and baggage cars. The contract cost of
this equipment Is $1,023,913, of which $153,913, or over 15% , Is paid forth­
with. These notes represent the balance of the cost.— V. 92, p. 726, 596.

Public Service Corporation of New Jersey.— Merger.—
Lease.— See Shore Lighting Co. under “ Industrials” below.
— V . 92, p. 1243, 1179.

Pueblo & Suburban Traction & Lighting Co .— Change in
Control.— H . M. Byllesby & Co. of Chicago are reported to
have purchased control.— V . 92, p. 796.

J u n e 17 191 1

THE CHRONICLE

Rapid Transit in New York City.— Report of Special Transit
•Committee Approved by Public Service Commission.— The re­
port of the Special Transit Committee of the Board of Esti­
mate, consisting of Borough Presidents McAneny (Chairman).
Miller and Cromwell, who have had under consideration for
some months the propositions of the Interborough Rapid
Transit and Brooklyn Rapid Transit companies for the con­
struction and operation of subway and elevated lines to in­
crease the transportation facilities of Greater New York, was
submitted on Tuesday. The report, consisting of 40 printed
pages, with 85 pages of exhibits, is signed by the three mem­
bers of the committee and all of the Public Service Commis­
sioners, and will be considered by the Board on June 22.
The report divides the territory to be served between the two companies,
both being allotted lines In Brooklyn and Queens Bbrough and the Brooklyn
Rapid Transit being given the right to enter Manhattan by way of a tunnel
.at the Battery under the East River, and thence under Broadway and 59th
.St. to the Quccnsborough Bridge, to connect with Its system on the Bong
Island side o f the river. The Interborough Is to be perm itted to extend Its
Hues in the B ronx, to third-track Its elevated lines, to build several lines in
Brooklyn and operate the Stclnway tunnel to connect with the Manhattan
and Queens lines, and Is also given the much-desired lower 7th A ve. west
side line, passing the Pennsylvania U R . tunnel and upper Lexington A ve.
lines In Manhattan. The new mileage consists of about 24 of subway and
20 of elevated for the Brooklyn Rapid Transit and 22.1 miles of subway and
.22.8 of elevated for the Interborough Co. This would Increase the Brooklyn
Rapid Transit system , It Is stated, to 23.5 miles of subway and 73.9 of
■elevated lines. The South Brooklyn lines, to be operated by the B. R . T .,
arc not Included In the report, but arc to be oevered by a supplemental
report to be rendered by A ug. 1. These include the branched from the ter­
minus of the Fourth A ve. (Brooklyn) line as now under construction to
43d S t., to extend to Coney Island and Fort Hamilton (whether built by the
city or constituted in greater part by the present B. R . T . lines when re­
constructed), with the proposed Staten Island extension (the latter to be
possibly a com bined freight and passenger tunnel, the cost to be borne In
part by railroad system s). Compare com panies’ offers to the city, V. 92,
p. 593, 1177. 1310.
The estimated cost, 5257,400,000, Is to be borne as follows:
Paym ent—
Construction. Equipment.
Total.
By the City_____
$131,200,000
5131,200,000
By the Interborough _________
51,800,000
521,000,000
75,800,000
By the B. R . T _________
26,400,000
24,000,000
50,400,000
T o t a l_______________________________________ ________ ______ $257,400,000
It is provided that if the Interborough Co. falls to accept the lease for the
uptown Lexington A ve. line with the Bronx extension, that the line be
■extended down to Broadway by the tri-borough route and given to the
Brooklyn Rapid Transit C o., and also that the Eastern Parkway, Brooklyn,
and extension lines be likewise given to the Brooklyn Rapid Transit Co. if
the Interborough does not accept them; also, that if the B. R . T . does
not take tne line from Broadway to the Eastern District, In Brooklyn, via
a tunnel from 14th S t., Manhattan, it be offered to the Interborough Co.
If neither com pany accepts the leases on the terms ollercd, it Is provided
that work go on with the old tri-borough route at once.
The rate of fare for one continuous ride over any part of the system oper•ated by a single operator, with transfers (Including Coney Island over the
B. It. T . system ), Is to be 5 cents.
All contracts for the operation of lines, title to which Is vested In the city,
whether constructed by the city or the com pany, or on a basis of division
o f cost between the city and the operator, shall fix the term of the lease at
49 years from the date of beginning of operation, with the right on the part
o f the city to re-take the lines on payment of com pensation, as provided in
the contracts (Including equipm ent); except that the so-called bridge loop
lines In Manhattan, to be given to the Brooklyn com pany, m ay be leased for
20 years, with the privilege of renewal, upon an adjustment of terms, for
20 years In addition.
,
,
The rental to be paid by the com panies, while discussed at length in the
report, is left in a large measure to further negotiation.
It Is recommended that the contracts with the Interborough shall con­
tain a provision for the leveling o f the leases; that Is, that all the subway
leases shall expire after a uniform period of 49 years, and also provisions
for the exchange of franchises so that the city could take over a straight
north and south line after 10 years, this having been substantially agreed
to by the Interborough Co. If It can be legally done. As stated above, the
lines of both systems are to be leased under the proviso that they m ay be
re-taken by the city under the Indeterminate clause after 10 years.
The report says: “ W ith all these strategic links subject to the control of
the city, cither through the exercise of the rihgt of re-capture or through the
transfer of leases from one operator to another, It Is difficult to believe that
the city will be unable to maintain a mastery of the rapid transit situation
o f the future.” — V. 92, p. 1179, 596.

1637

The decision was unanimous, the main opinion being written b y Justice
Clarke, and a briefer concurring opinion b y Presiding Justice Ingraham.
The grounds on which the decision Is based are, briefly: (I) that the pro­
visions for reorganization o f railroads which have existed since 1853 and are
now em bodied In Sections 9 to 12 of the Stock Corporation Law, have not
been repealed b y the Public Service Commissions Law; and that (2) the
reorganization com m ittee had the right under the statute to arrange the plan
o f reorganization, the jurisdiction o f the Commission being limited to deter­
mining whether the plan Is being carried out, not whether It Is good or bad.
Justice Clarke says In the course o f the opinion: " I t is not to be doubted
that the Investments made In railroad securities have to a considerable
extent been Influenced by the knowledge that public policy expressed by
statute and decision has assured to stockholders, bondholders and creditors
that, In case o f foreclosure, their Interests will not be entirely wiped out, but
that an opportunity for reorganization is granted under the law with the
right to participate therein and to secure the preservation to som e extent,
at least, of their interests.”
The question at Issue is a new one, not having been previously decided
b y the courts. The Court relies largely on the ruling o f the N. Y . Court of
Appeals in the Delaware & Hudson case (V . 92, p. 1504, 1541), where It was
held that as the notes to be refunded were valid obligations of the com pany,
it was the duty of the Commission to permit the Issuance o f bonds therefor,
and It was none of their concern as to whether the com pany had made a good
or a bad bargain.— V . 92, p. 1567, 120.

Traction & Power Securities Co.— Status.— See report of
WestinghouseElec. &M fg. on a preceding page.— V . 8 6 ,p. 287.
Twin City Rapid Transit Co., Minneapolis, St. Paul, & c .^ -

Decisions.— Judge Willard in the U . S. District Court a t
Minneapolis on April 21 denied the application of the Min­
neapolis Street R y. fora temporary injunction to restrain the
city from enforcing the so-called “ strap-hanger” ordinance.
T h e ordinance limits the number to be put into a car b y the com p any to
75 within the city limits under penalty of 5100 fine for each offence, and re­
quires that within certain hours It shall provide sufficient cars to provide
for proper transportation o f the public. Under lt the Court says the com ­
pany would not be obliged to stop for further passengers if the limit had
already been reached. T he Court says there cannot be read into the ordi­
nance that the com pany would be obliged to stop Its interurban cars at the
city limits and eject all but 75 passengers. The ordinance relates only to
the City of Minneapolis and says nothing of the number to be carried, ex­
pressly using the words ‘ take on within the city .' If there are 80 or 100
people when the car from St. Paul reaches the city Umlts they m ay remain
in the car. As to extraordinary occasions, like football games, It would be
a defence for the com pany If people rushed Into the car, overpow ering the
conductor. There is no penalty for not furnishing a sufflclcntnum ber o f
cars on such occasions.

The Court also denied the application to restrain the en­
forcement of the recent ordinance directing the construction
of 9 V2 miles of extensions, holding the requirement is not un­
reasonable.
The Court says that Sec. 3 o f the 1875 ordinance relating to extensions
makes no provision to com pel such construction, but says the Council mayorder necessary lines a n l, if they are not built within a reasonable tim e
(of which the Council Is to be the judge), the Council may grant to another
com pany the right to erect the lines. In the Court’s opinion that is the
onlv right the Council has. If an arbitrary ordinance had been passed,
demanding building of street car lines on every street In the c it y , it m igh t,
t is stated, be called unreasonable.— V. 92, p. 793, 324.

Underground Electric Railways Co. of London, L t d .—

Power House.— Holders of the 6 % income bonds will vote
in London July 3 on selling the company’s generating station
undertaking to the “ lots road power house joint committee”
incorporated by the Metropolitan District Railway Act 1911
in pursuance of plan in Y. 92, p. 882, 720.

Digest o f Statement by Sec. W . E. Alandelick, London. June 9 1911.
New Joint Power House Pent Charge Stock— Redemption o f Pow. H ’se B d s.,& c.
A t present the com p any’s “ generating station undertaking” Is used to
supply electrical energy to the Metropolitan District R y . and the London
Electric R y. C o.,a n l to a small extent the London United Tram w ays.
L td . F or your company- It is desirable that the generating station should
be converted Into liquid assets; for the railway companies It is equally de­
sirable that this station should be under their immediate ownership.
•
B y the Metropolitan District R y . A ct, 1911, the com pany is em powered
to sell the generating station to a join t com m ittee representing said railways,
and the jo in t com m ittee is empowered to create and Issue a perpetual stock
to be called “ iMetropolitan District and London Electric Railways join t
Rio de Janeiro Railways, Light & Power Co.— New Direc­ power house rent charge s to ck ,” In order to provide for the purchase price
and the other purposes authorized by the A ct. The com m ittee Is further
tor.— H . Malcolm Hubbard, of London, has been elected a authorized to lease such undertaking to the two railways for 999 years as
•director to succeed Charles Flett, deceased.— V . 92, p. 1103. tenants In com m on In equal shares at a rent suff cient to pay- the dividend
on said stock and all expenses of the com m ittee.
Each of the two railway companies will be liable for a m oiety of this rent,
Southern Traction Co. of Illinois.— Acquisition.— The com­ payable
out of its revenues as part of its working expenses. In priority to
pany, it is reported, has purchased the Wabash Chester & the Interest on Its present or future debentures and debenture stock; but
case of the District Com pany, such m oiety Is not to affect the rights
Western (steam) ltR ., extending from Chester, 111., to oInf the
the existing rent charge stocks or the rights under A ct of 1908 of the de­
Mount Vernon, 04.4 miles, which, it is said, will be equipped benture stocks in respect of the rents and profits and proceeds o f sale of
lands; the m oiety, also .pa ya b lcou t of the revenues of the London
for electrical Operation for use as a part, of the proposed surplus
E lectric Co. Is not to affect the rights of the existing rent charges of that
interurban system in southern Illinois.— V. 89, p. 412.
com pany. The dividend on the new stock Is therefore excellently secured.
It Is proposed that the price for the generating station undertaking should
Springfield (Mo.) Railway & Light Go.— Bonds Offered.—• be £2,200,000 of “ power house rent charge stock" at par, or the net proceeds
such stock carrying a fixed perpetual dividend at the rate o f 4%
The unsold portion of the present issue of $2,000,000 first lien thereof,
per annum, the sale and lease to take effect July 1 1911 and the d ivi­
15-year 5 % sinking fund gold bonds, fully described last dend on said stock to accrue from the same date.
It Is proposed to apply the purchase price after paym ent of expenses Inci­
week (p. 1500), are now offered by Lee, Iligginson & Co., dent
to the sale first, In redem ption o f the entire Issue of £1.000,000 of first
N . V ., Boston and Chicago, by advertisement on another power house debentures now charged on the station, and then towards the
bonds of 1933 of the com pany.
page, at 98 and int., yielding 5 .4 0 % income. The company redem ption of the 4
T he depreciation fund established under the present electrical contracts
■controls the street railway, gas and electric-light and power will am ount June 30 1911 to approxim ately £176,900; being only applica­
business of the city, serving a population of about 40,000. ble to repairs o f the generating station. It will be turned over to the joint
com m ittee and Included In the lease.— V . 92, p. 882, 720.

For the 12 mos. ended March 31 last net earnings were
$213,530, or more than twice interest charges.

These bonds are substantially a first Hen on the entire system, being se­
cured by a 1st M. on all the capital stock, bonds and n otesof thetw o subsidi­
a ry companies except certain non-callablc bonds, paym ent of which has been
fully provided for by deposit with the trustees of cash to the amount of their
principal and Int. to maturity. No additional stock or Indebtedness (other
than current operating obligations) can be issued by the subsidiaries except
to the Springfield R y . & L t. Co., and If so issued must be pledgedundcr this
m tge. Annual cumulative cash sink, fund (beginning Mch. I 1913) will
provide for 25% of all bonds Issued. Compare V. 92, p. 1566.

Susquehanna Ry., Light & Power Co.— First Common Div­
idend.— An initial dividend of 1% has been declared on the
$4,13 1,500 common stock, payable July l to holders of record
June 15.— V. 91, p. 1712.

W abash Chester & Western R R .— Sale.— See Southern
Illinois Traction Co. above.

Western Pacific Ry.— Provision for First Mortgage Interest
— Sec Denver & Rio Grande R R . above.— -V. 91, p. 1513.

Wheeling & Lake Erie RR.— New Directors.— James C.
Chap in (Chairman), Richard Sutro, William Nicholson and
C. C. Harper, all members of the Chaplin bondholders’ com­
mittee of the Wabash-Pittsburgh Terminal R y. Co., have
been elected directors.

Third Avenue RR., New York.— Further Facts in Regard to
Decision Reversing Order of Commission Disapproving Plan.—

Harry Bronncr, F. II. Ecker, Myron T . Herrick and C. C. Jackson, rep­
resenting the Wallace com m ittee, have been re-elected. T he other mem­
bers of the board arc B. A . W orthington, F. S. C ook, C. M. Spltzer, II. P.
M clntoeh, E . VV. Ogelbay, C. I. Russel and C. H. D ou gherty.— V . 92, p.
1245.

Copies of the opinions of the Appellate Division of the Su­
preme Court, First Dept., handed down on June 9, reversing
the order of the Public Service Commission refusing to ap­
prove the amended plan of reorganization submitted by the
bondholders’ committee, arc now at hand.
An appeal will
be taken.

Other Inc.
Charges.
Surplus.
5 Months—
Cross.
Net.
$1,767
$100,800
$18,912
1610-11 ________$269,593
$117,946
985
93,813
17,190
1 9 0 9 -1 0 .-............. 251,184
110,019
The meeting of the directors for a ction on the Initial dividend on tho pref.
stock, which was to have been held June 14, was postponed until July 5.—
V . 92. p .8 8 2 .
_j




York Railways.— Earnings.— For 5 mos. end. April 30:

1638

THE CHRONICLE

[V O L . L X X X X I I .

INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Consolidated Coal & Iron Co.— New Directors.__

on July 1 the remaining $275,000 of the original $1,200,000
5 % collateral trust bonds, secured by deposits of the stock
Frank W . Blair, President of the Union Trust Co. of Detroit; of the Colt’s Patent Fire Arms Mfg. Co., all of which is owned,
H . H . Melville, Vice-President of the Canadian Northern and to dissolve the New York holding company and ex­
Quebec R y ., and James A . Greene of Mathew, Addy & Co. change the stock for that of the Manufacturing Co. Stock­
holders will vote on the matter on Aug. 1.— V. 91, p . 1772.
of Cincinnati, have been elected directors.
Consolidated Car Heating Co .—-Dividend Increased.— A
A n adjourned meeting ot the board will be held June 20, when the mem55£shlp
inpreased and action taken on otRer matters in connection
dividend of 4 % has been declared on the $1,130,400 stock,
wHh to®,Proposed merger with the Southern Iron & Steel C o.— V. 92, p.
1438, 957.
payable 2 % July 15 1911 and 2 % Jan. 15 1912; also an extra
American Cotton Oil Co.— Listed.— The New York Stock disbursement of 2 % on July 15 1911. This compares with
Exchange has listed the $5,000,000 5 % 20-year debentures 2 % each (without any extras) on Aug. 1 1910 and Feb. 1911
and \ X
A % in Feb. 1910.
due 1931, sold in March last. Compare V. 92, p. 661.
Dividend Record (P er C ent).
American Ice Co.— Decision.— The Appellate Division of ’97. ’ 98. ’ 99. ’00. ’ 01. ’02. ’ 03. ’0 4 . ’ 05. ’ 06. ’ 07. ’08. ’09. ’ 10. ’ l l 1912.
i p 0 3 p 4 16^
6 5JS 7 6 4 3 3None. (?) 3 ^ ' 6 F eb., 2
the Supreme Court, First Department, on April 19, by a vote
of 3 to 2, sustained the demurrer of the defendants in the suit
Consolidated Motor Car Co. of Cleveland.— Merger.— Stock
of Ottinger against former directors for damages alleged to
have been sustained by the purchase of stock induced, it was Offered.— This company was incorp. in Ohio Aug. 5 1910
claimed, through the payment of an alleged fraudulent with $4,000,000 capital stock in $100 shares (all now “ full
dividend in Feb. 1902 otherwise than out of earnings or paid” ) and has acquired all the rights, titles, &c., of
the Royal Tourist Car Co. and the Croxton Motor Co., both
surplus.
of Cleveland, O ., and the Acme Veneer & Body Co. of
• The plaintiffs sued for $30,000, the difference between what their stock,
It'iwas stated, would have been worth If the dividend had been paid out of
Rahway, N . J. One-half ($2,000,000) of the stock is 7%
earnings and what they could actually have received for It.
cum. pref., with preference also as to assets. On April 2
The m ajority opinion says that the com plaint contains only a bare alle­
gation that the fraudulent dividend was paid and that because of It the
Harvey A . Willis & Co., N . Y ., offered $250,000 pref. at
plaintiffs lost m oney. T o sustain such an action there must be a false par with a bonus of 10 0 % in com.
An advertisement says:
representation by the person sought to be charged with It, and the statute

prohibiting a fraudulent dividend is available only to the corporation or a
creditor, and then only In case of the Insolvency of the com pany; that under
the laws ot this State directors are not prohibited from declaring a dividend
out o f capital, but they may be held liable b y the corporation for any Im­
pairment o f the capital; that the mere payment of a dividend cannot be
presumed to be a representation that It Is paid out o f the surplus, and that
a director who Is not alleged to have taken part in the declaration o f the
dividend cannot be held liable under any circumstances.
The dissenting opinion says that " a declaration o f a dividend b y a going
concern Implies earnings from which to pay It, and the publication o f the
fact o f such dividend Is calculated to Induce the public to believe that the
dividend has been earned and that the corporation Is prosperous.” —
V . 92, p. 1312, 1245.

American Silk Co., New York.— Decision.— The United
States Circuit Court of Appeals at Boston, on May 19, re­
versing the lower Court, held that the Knickerbocker Trust
Co. is entitled to recover from six defendants $207,825, the
unpaid balances on subscriptions to stock.
The lower Court held that there was a variance between the loan agree­
ment b y which $843,050 was secured from the trust com pany b y the pro­
moters and syndicate managers, H . W . Bennett & Co., and the under­
writing agreement. The subscribers contended that they were not bound
by the action o f the promoters In raising the loan, but the higher Court held
that the obligations o f the subscribers were primary, and that the departures
of their agents from the express authority contained In the underwriting
agreement was technical anil harmless and In no way affected the general
principles o f right underlying the case: that It was within the general au­
thority o f the syndicate manager to negotiate the loan as arranged.—
V. 90, p . 1426.

American Telephone & Telegraph Co.— Possible New Stock
Issue.— President Vail is quoted as saying that in order to
finance the current year’s requirements for new construction,
new stock will be offered to shareholders either at par or at
a price to be determined by the board, the amount of new
stock and the time of issue having not yet been determined.
It Is estimated unofficially that new construction during the present fiscal
year will aggregate about $60,000,000, of which 50 to 75% will be provided
out of surplus earnings o f the various companies, leaving a balance of from
$15,000,000 to $30,000,000 to be provided by a new stock Issue.— V . 92.
p . 1111, 810.

Atlanta (Ga.) Water & Electric Power Co.— Earnings.—
See report of Westinghouse Mfg. & Electric Co. on a pre­
ceding page.— V . 80, p. 1731.

Canadian Locomotive Co., Ltd., Kingston, Ont.— Pur­
chase— Recapitalization.— Aemilius Jarvis & Co. of Toronto,

r>^PuT
organization can easily market the following output: 300
R oyal Tourist cars; 600 Croxton taxicabs, commercial trucks and touring
consolidated trucks and 2.500 bodies. On tills output
0 « v ! L r?sult3: basca uP°n actual past experience, should be o b -

Bal. Sheet Mch 1— Assets $4,000,000, Offsetting the $4,000,000 Cap. Stock.
Stock of R oyal Tourist Car Co. owned and stock o f Consolidated
• M otor Co. held to com plete exchange for R oyal stock (at c o s t ). $753,00#
Stock o f Croxton Motor Co. (cost $360,000) and A cm e Veneer &
B ody Co. (cost $87,000)____________________ ________________ . 447,000
Advertising f u n d _______________________ ____________
100,00#
1,231,500
Preferred stock In treasury_______________________
Good-will o f constlt. cos., represented by the issuance o f com . s tk . 1,468,500

Continental Coal Corporation, Chattanooga, Tenn.— M e r ­
ger-N ew Bonds.— This company, incorp. in Wyoming, its
capital stock being $3,000,000, all of one class and all out­
standing (par $100), recently took over the properties named
below and made a mortgage to the Hamilton Trust &
Savings Bank of Chattanooga, as trustee, to secure an issue
of $3,000,000 6 % gold bonds, all shortly to be put out, dated
July 1 1911 and due July 1 1941, but callable on any int.
date at 103. Par $1,000 and $500. Int. J. & J. at office of
trustee. Of these bonds, $2,420,000 are issuable for purr
chase of property and $580,000 for working capital. An
offi-:ial tatement follows:
The corporation has.acqulred b yTpurohase the properties of the following
companies, operating on Straight Creek and Four Mile Creek, near Pine-

Mining C o., Straight Creek Colliery C o., Straight Creek Coal & Coke C o.
and Wallsend Coal & Coke Co. N egotiations are pending for other p rop ­
erties In the same section.
The Corporation will own and operate 18 coal mines, 300 coke ovens, 11
miles of railroad and retail yards. Its properties are In Bell C ounty, K y .,
and are reached by the Straight Creek R R . and the Four Mile Branch,
which leave the Cumberland Valley division o f the h . & N . R R . at Pinevlllc and Four Mile, K y .
The corporation owns about 35,000 acres of land underlaid with Straight
Creek co a l and other seams. The present output Is about 5,000 tons dally.
It is proposed to open additional mines. Straight Creek coal is unexcelled
for dom estic purposes, while as a steam coal we believe it to bo the best coal
for general purposes mined on the Southern market. Analysis: Moisture,
2 .2 3 % ; volatile com bustible, 3 3 .1 7% ; fixed carbon, 6 3.40% ; ash, 1 .2 0 % .
total, 100% ; sulphur, 0 .6 8 % . Calculating British thermal units on dry
basis, we have 15,103, and per pound com bustible, 15,392.
Resources as o f July 1 1911, Offsetting the $3,000,000 Stock A $3,000,000 Bds.
Coal and timber lands, 27,000 acres at $100 (estimated to con­
tain 300,000,000 tons c o a l)__________________________________ $2,700,000
Real estate In Louisville, & c., also 1,575 acres leased ($ 5 ,0 0 0 ).. 05,000
317,750
800 tenement houses, 10 boarding houses, 7 com ’sary bldgs____
12 tipples, Inclines. &o. ($42,500), railroad, & c., ($300,000)__
342,500
5 power houses and machinery ($300,000), mine equipment (18
mines— $1,000,000)___________________________________________ 1,300,000
Coke ovens ($90,000), saw mills & lumber ($100,000), merchan­
290,000
dise (7 stores— $100,000)______
Coal in yards ($50,000), d cvel’ t, coal In pillars, & c......... ...............
750,000
Sundry assets_____ _______
234,750
[It Is planned to retire the 6% bonds of the Continental Coal Corporation
o f Tenn., and all Its constituent com panies.]
Directors (and officers): Erie Martin (Pres, and Gen. M an.), II. L . Cory
(Vice-Prcs. and Sales M an.), S. O. Le Sueur (Sec. and T reas.), F. B . Mar­
tin, T . R . Preston, C. M. Preston and Jno. B. Carroll, all of Chattanooga,'
Tenn.; W . L . Moss, PlnevIUe, K y .; P . N . Clark, Louisville, K y .

in conjunction with London financiers, have arranged to
purchase, recapitalize and largely increase the capacity of
the Canadian Locomotive Works, L td ., of Kingston, Ont.
The new corporation will be known as the Canadian Loco­
motive Co., Ltd. It will be capitalized as follows: Common
stock, $2,000,000; 7 % cum. pref. stock, $1,500,000; 6 %
■40-year sinking fund bonds, $2,000,000, including $500,000
to remain in the treasury. The pref. stock, which will be
offered in Canada at an early day, has been well underwritten.
Canadian Westinghouse Co., Ltd.— See “ Annual Reports.”
Dividends.— In addition to the regular quarterly dividend
of 1 ^ % (No. 26) on the $4,376,600 stock (the rate main­
tained since April 1905), payable July 10 to holders of record
June 30, a bonus of % of 1 % has been declared, payable at
(J. B. & J. M.) Cornell Co.— Sale of Assets.— Judge Hough
the same time. The only preceding bonus, 1 % , was paid in the U . S. District Court on June 10 signed an order author­
on Jan. 10 1911.— V . 92, p. 883.
izing Receivers A . Gordon Murray and Michael Blake to sell
Central Coal & Coke Co.— Fiscal Year Changed.— The com­ for $198,875 to the N . Y . Trust Co. and Sarah K . Cornell
pany has changed its fiscal year so as to end Dec. 31, instead all the assets of the company except the outstanding bond­
of May 31 as heretofore.
holders’ certificates.
The annual report, previously published In June, will n o fa p p e a r until
January 1912.— v . 91, p. 92.

Centreville (la.) Water Co.— Application for Receiver.—
The Fidelity Trust Co. of Buffalo on June 12 filed a petition
in the Federal Court at Des Moines, la ., to foreclose the mtge.
securing $80,000 bonds which have matured, and asking for
the appointment of a receiver of thecompany.— V .7 3 ,p . 1315.

Cleveland-Cliffs Iron Co .— Option to Subscribe for RR.
Bonds.— The shareholders are offered the right of subscribing
at par until June 20 for $994,000 of a total issue of $1,400,000
6 % 20-year serial bonds of the Lake Superior & Ishpeming
R y . Co., whose property, including 24 miles of railroad from
Marquette to Ishpeming, &c., is valued at $3,833,195. The
Eroceeds, it is stated, will be used in connection with the
uilding of the new steel docks at Presque Isle.— V .8 8,p .l0 63 .

Colts Arms Co. of New York — Bonds Called.— Proposed
Dissolution.— The directors on Tuesday voted to call at 105




The latter amount to $630,000, and the holders of the bonds make a bid
of $129,500 for certain securities held b y the U. S. Mortgage & Trust C o.,
and agree also to return for cancellation all o f the bonds. The N . Y . Trust
Co. and S. K . Cornell are also required to furnish a bond o f $25,000 to pro­
tect other creditors who m ay hereafter present claim s. The receivers are
directed to continue the winding up o f the affairs o f the firm .— V . 92,
p . 1035, 661.

Crucible Steel Co. of America.— Earnings.—
9 Months ending
Deprec. & Contin- Int.onSub.
Balance,
M ay 31—
Profits.
Repairs, gene., &c. Co. Bds. fo r. Dies.
1910-11------------------ $3,073,620 $934,341 $59,777 $55,055 $2,024,456
1 9 0 9 -1 0 .
-------- 3,950,952 969,088
89,647
_____
2,892,217
The profits for the quarters com prising the 9 m os. period were: Quarter
ending N ov. 30 1910. $1,022,759; quar. end. Feb. 28 1911, $972,320; quarend. May 31 1911, $1,078,550, com pared with $1,410,005, $1,406,361 and
v ’ 923 p 11123 72*81Vely* f° r tho corrcsP °ntllnK quarters In 1900-10.—

Empire Steel & Iron Co.— Dividend Again Reduced.— A
semi-annual dividend of 1 % has been declared on the $2 ,500 ,­
000 6 % cumulative stock, payable July l to holders of record
June 20, comparing with 2 % in Jan. 1911 and 3 % semi-an­
nually in 1910.

THE CHRONICLE

J u n e 17 1 9 1 1 . i

Dividend Record o f Preferred Stock (Per Cent).
'fi '03.
* . ’*08.. ’07.
’ . ’08.
* . ’ 09 ' 10 . ’ l l .
'99. ’ 00. ’'(it
01. ’ 02. '03. ’04.
3
3
6
3
3 314 2 y. 3
3
0
6 4 y2 6
Accum ulated dividends on preferred July 1 1911, 22 H % — 'V. 92, p.728.
vpnr__

*r\n

*09. *01\ /1 05 06 07 08 I

Esmond (R. I.) Mills— New Pref. Stock Offered.— Turner,
T u ck er

& Co., N . Y . and Boston, are offering at $105 a

ghare (par $100), netting 6 .0 7 % income, the unsold balance
of the present issue of $750,000 (underwritten) 7 % cumula­
tive preferred shares, dividends Q .-F .
Incorp. In Mass. In 1907. Owns at Esm ond, six miles from Providence,
the only mill In the country built expressly for the purpose of manufacturIntr line cotton blankets. Also manufactures rugs, robes and other wooltlnlsli napped cotton fabrics. Is operating to its full capacity, with a large
number oi unfilled orders on hand. The capacity per year, running 06
hours per week, is in excess of 1,300,000 blankets. Treasurer Harold C.
Whitman says: "T h e net earnings and business .arc such as to warrant a
statement that, In m y belief, this stock Is absolutely safe, both as regards
principal and dividends.’ ’
Bat. Sheet, Based on Last Report to M ass. Authorities, Incl. New Pref. Stock.
Liabilities ($1,853,880).
■
■
Assets ($1,853,860).
Heal estate & machinery $1,401,119 Preferred s tock ___________ $750,000
s tock ___________ 650,000
Merchandise ------------------402,778 Common
Cash and debts receivable
24,963 A cc’ ts &bills payable________311,641
Surplus_____________________ 142,219
Patent rights---------25,000
The pref. stock is preferred as to assets as well as to earnings, and no prior
lien can be created without the consent of two-thirds of the outstanding
Issue. T otal pref. stock auth., $1,000,000, but $250,000 ca n on ly b e Issued
after $250,000 additional com m on has been paid for at par for cash.
Directors: Clarence W hitman, New York (Pres.); Harold C. Whitman
(Trcas.) and Henry F. I.lppitt, Providence; George E. Nichols and E. b.
Twining, New York; Selling agents, Clarence Whitman & C o., 39 Leonard
S t., New Y ork .— V . 84, p. 1309; V . 90, p. 505.

Estates of Long Beach, New York.— Bonds Offered.—
Woodbury & Co., N . Y . City, are offering at 97)^ and int.,
a limited amount of a block of $1,300,000 1st M. 6 % gold
bonds, yielding G .37% income (or better if called). Dated
April 1 1910 and due July 1 1920, but callable at par and
int. at any time prior to maturity upon 5 days’ written notice.
Par, $500 (r). Int. A . & O. Title Guarantee & Trust Co.,
N . Y ., trustee. Auth., $2,000,000; outstanding, $1,954,500.
Tax-exem pt in N . Y . State.
The com pany is developing at Long Heach, N. Y ., on the Atlantic Ocean,
40 minutes by direct (electric) train service from the Penna. H it. terminal in
Manhattan, N . Y . City, a high-class residential watering place.
Statement by President VVm. H. R eynolds, New York, March 23 1911.
T ho 6s of 1920 arc a 1st M. on approxim ately 1,208 acres lying north of
Park S t., Long Bcaoh, N. Y ., and a 2d M. on approxim ately 1,104 acres
south of Park St. This acreage south of Park St. is subject to $2,806,200
1st M. 6s duo 1917, which remain outstanding out of a total issue of $5,000,­
000, the balance having been redeemed.
The property covered b y the m tge. is released, when sold, as follows:
North of Park St., $150 per lot: south of Park S t., $50 per lot: on Hoardwalk, $500 per lot (provided the release applied to tho 1st M. 6s of 1917
has been obtained).
„ „ .
,
,
There were originally 25,278 lots in the entire tract; 3,899 lots have been
sold for$6,313,462, the balance due the com pany on these lots being $846,­
319. The remaining lots arc now being sold on a basis of $35,000,000 for
the entire property. The lots arc carried In the statement on the basis of
$107 per lot, or $2,287,782 for the unsold balance.
'
. .
* The original cost of the property was $3,108,400. W e have spent In
Improvements to date $4,487,957.
Money due on lots sold but not con veyed ------- - - - - - - - - - - 5846,319
Accrued int., $22,721: treasury bonds ($2 ,000.000 issue), $4a.o00
68,-21
Mtges. In treasury, $147,537, and Water Company bds., $15,000
162,537
Casli and bills r e c e iv a b le ------------- ----------------------------- ----------------i ’ SaS’lJno
21,379 lots unsold-----------------------------------------------------------------Assets March 15 1911, $1,981,200 (Compare V. 90. p. 1680).
Oir.scts: Hills payable, $223,500; bonds of $5,000,000 Issue, $2,806,-00
• f $2,000,000 issue, $1,951,500; total, $1,984,200.
• •

Stock.— A certificate was filed June 3 increasing the auth.
stock from $5,000,000 to $5,650,000.
New Director.— Irving T . Bush has been elected to the
b o a rd — V . 90, p. 1680.

Fall River (Mass.) Electric Light Co.— Stock Increased.—
The stockholders have voted to increase the authorized capi­
tal stock from $800,000 to $1,000,000, the proceeds to be
used to reduce the existing debt and to meet the cost of ex­
tensions alriady contracted for.
A pplication will be made to the Gas and Electric Eight Commissioners
for permission to Issue the additional stock.— V . 90, p . 1493.

Federal Telephone & Telegraph Co.— Additional Bonds.
The Public Service Commission on May 25 authorized the
company to issue $578,000 5 % bonds under its 1909 mtge.
!i*4 ;.i ■ .
• Purposes fo r Which Bonds Map Be /ssiierf.
■
T o purchase the entire outstanding Issue of bonds of the Niagara
H om e Telephone Co. ($456,000)------------- - - - - - - - a ; - r,V '
‘ nnn
T o acquire tho outstanding stock o f the Dunkirk I fol! p ° ’), ' ? 1/v .C a' ° ’ )0°
T o acquire the property of the Independent Union telephone Co.,
a long-distance line west of Syracuse, Including all property of
the com pany In Pennsylvania............................................................... iou . uuu
— V . 91, p . 869.
. . .
' •

Federal Utilities, Inc., New York.— Neiv Securities Com­
pany.— This company has recently been organized under the
laws of Virginia with broad powers for the purpose (1) of
purchasing and selling to bankers or other investors or (2) of
holding and possibly pledging to secure collateral trust bonds
“ various dividend-paying securities of companies, chiefly
public utilities, which have demonstrated their earning power
— investments at all times diversified and sufficiently well
known to be readily salable.”
Capitalization—
Authorized.
Issued.
Pref. stock, 6 % cum . (pref. as to prln. and dlvs.) . . . $ 3 ,000,000 $.l '000,000
Common s tock ----------------------------------------------------------- 3,000,000 2,000.000
Operations will begin at once, $1,000,000 cash being already m the
treasurv
It Is expected that the com pany’s Investments will furnish
revenue sufficient to pay In full the 6 % d lv. for 1911 on the $ 1 ,000,000 pref
stock outstanding.

Four States Coal & Coke Co., Fairmont, W . Va., and
Pittsburgh, Pa.— Status— Under date of April 20 1911 we
are favored with the following:
Incorporated In W est V a. Capital stock $1,000,000 6% cumulative
preferred and $5,000,000 com m on. In shares of $100 each.
I he pref. stock
is also preferred as to assets.
__
.
, . __. . ..
„ .
The com pany owns m ore than 6,100 acres of coal lands In the Fair­
m ont district in Marion County, W . V a.. and over 8,100 acres
of
In the Cabin Creek district In Raleigh County, W . V a.,
t'v‘) ^acts
containing more than 300,000,000 tons of coal, besides over 8,000 acres
of surface In the above two counties. The houses, mines and mining cquln-




1639

ment of the Dig Coal Co. have been bought over. Including the town of
D orothy, W . V a., and the tw o well-known Dorothy and Sarita mines.
Another new mining town has been built at Annabelle, near W orthington,
W . V a., two new mines already opened Into the coal and equipped with the
latest and best mining machinery m ade.
.
A mortgage of $3,500,000 has been given to the Union Trust Co. of Pitts­
burgh as trustee, securing an issue of $3,500,000 1st M. coupon gold bonds
dated N ov. 1 1910, $2,000,000 of which bear 5% Interest and mature In
serial order, $100,000 N ov. 1 1912 and annually thereafter, and $1,500,000
of which bear 5 lA % interest and mature N ov. 1 1930. Bonds and coupons
(M & N.) arc redeemable at office of trustee. Sinking fund 5c. per ton
of coal mined, but not less than $100,000 a year, and therefore requires the
mining of not less than 2,000,000 tons a year. All the bonds are callable
at anv interest-paying date after 1912 at 105. The $2,000,000 5% bonds
have been sold but the $1,500,000 5 H % bonds are still In the hands of
the Union Trust Co.
„
„
Officers.— David G. Jones, Pres.; E . F. Miller, V .-P res.; Thom as P .
Jones Trcas ; J. II. Price, Sec.
rThere has been no merger of the properties of the Dig Hill Coal C o., nor
the Monarch Coal Co., nor the Dexter Coal C o., nor the R ayland Coal Co.
The Annabelle Coal & Coke Co. of W . Va. is an entirely separate corpora­
tion, with a paid-in capital of $100,000, but having no interest in any of
tile mines or properties of the Four States Coal & Coke Co.
I lie Annabelle
officers are Thomas P. Jones, Pres., and David G. Jones, Trcas.— E :.]

General Baking Co., New York.— Merger— New Securities.
— This New York company filed at Albany June 13 a certifi­
cate of increase of capital stock from $20,000 to $20,000,000,
consisting of $10,000,000 7 % pref. stk. and $10,000,000 com .
The company has an authorized bond debt of $5,000,000
“ first and refunding” 6s, of which $1,000,000 will be reserved
for future extensions. Harvey Fisk & Co., New York, the
syndicate managers, have purchased and will shortly offer
to the public $4,000,000 of the bonds, dated June 1 1911 and
due June 1 1936, int. J. & D ., but subject to call by lot at
105 and int. for the sinking fund at $125,000 a year.
Digest of Authoritative Statement.
The com pany will unite the baking businesses of some 25 concerns, lo­
cated in 19 different cities, which have been engaged In the successful manu­
facture and sale of bread and other products of the general baking business.
These 25 companies, which are among the best and most m odern in their
several localities, are as follows:
Fleischmann’s Vienna Model Bak., N. Y. Juergcns Baking Co., Wheeling, W. /a .
Collins Baking Co., Buffalo, N. Y.
McKinney Bread Co., St. Louis, Mo.
Weber Baking Co., Newark, N. J.
J. G. & B. S. Ferguson Co., Boston.
Boston Baking Co., Washington, D. C. C. Martens Co., Inc., Jersey City, N. J.
Brunner Baking Co., Buffalo, N. Y.
Ontario Biscuit Co., Buffalo, N. Y.
Canton Baking Co., Canton, Ohio.
Haller Bread Co., Pittsburgh. Pa.
Rochester Baking Co., Rochester, N. Y.
Deininger Bros. Co., Rochester, N. Y.
Cleveland Bread Co., Cleveland, Ohio.
United Baking Co., Toledo, Ohio.
Atlas Bread Factory, Milwaukee, Wis.
Morton Baking & Mfg. Co., Detroit.
Bryce Baking Co.. Indianapolis, Ind.
Arnold-Althaus Co., Providence, R. I.
Grocers’ Baking Co., Rochester, N. Y.
Vories Baking Co.. New Orleans. La.
Frcinhofer Vienna Baking Co., Ph!la.,Pa. Julier Baking Co., Cleveland, Ohio.
George G. Fox Co., Boston, Mass.
,
,
,
, ____ _
The owners of the constituent companies retain a largely controlling in­
terest through their holdings of the preferred and com m on stock of the new
com pany, accepted by them In part paym ent for their p roperty.
1 here is
no thought of establishing a m onopoly, which In most localities would be
Impossible. The real purpose Is progressive, through the advantage of
wise buying of materials, up-to-date methods of manufacture, extensive
advertising'and a higher standard of quality In bread, bee V . 92, p. 1j 63*

Gum Supply Co .— Change in Control.— See Autosales Gum
& Chocolate Co. V. 92, p. 1501.— V. 91, p. 1449.
Hart, Schaffner & Marx, Incorporated .— First Dividend.—
An initial dividend at the rate of 7 % per annum has been de­
clared on the $5,000,000 7 % cumulative pref. stock for the
period from May 25 to July 1, amounting to about 70 cts.
a share, payable July 1 to holders of record June 2 5 .— V . 92,
p. 1439, 1376.
Hydraulic Power Co., Niagara Falls, N . Y .— Called Bonds.
— The Commonwealth Trust Co., Buffalo, N . Y ., give notice
that it will now redeem at par and int. the ($1,200,000)
Niagara Falls Hydraulic Power & Mfg. Co. bonds, dated
1902 and due Jan. 1 1917, but called for payment, we under­
stand, on Dec. 1 1911.
Bonds Offered.— The same trust company is offering at 102
and int. the new 5 % “ first and ref. bonds,” due 1950, issued
by the Hydraulic Power Co.
The new mortgage Is limited to $3,500,000. of which there will now be
outstanding (after payment o f the $1,200,000 5s just called) $2,8o0,000;
the remaining $650,000 bonds, we understand, are still reserved to retire
4 % bonds (secured by milling properties) due May 1 1920.
Earnings for Year ending A p ril 30 1911— Int. on Entire $3,500,000 1st.R ef .5s
Gross earnings
_______ $76 1,538 ITotal net Incom e-------Net earnings
......... .. 540,515 ! Int.on $3,500,000 1st ref. 5s 175.000
Other Incom e_______________ 40,206 I Balance for 2d m tge. 6s
405.721
"Extensions which are expected to be com pleted by A ug. 1 1911 will add
very largely to the net income and also to the horso-power developm ent.
Increasing the liorse-powcr from the present capacity of approxim ately
124,000 to 144,000 horse-power.”
The com pany was under contract to deliver on Oct. 1 1910 S2.o00,0()0 o
con v. 2d M. bonds, which were expressly made subject to the lien of tne
"llrst and refunding m ortgage.” Sec also V . 91, p. 341.

Independent Union Telephone Co. of Buffalo.— Sale.— See
Federal Telephone & Telegraph above.— V. 76, p. 482.
International Cotton Mills Corporation.— Notes.— The $2 ,­
000,000 6 % 5-year convertible notes which have been sold
to Blair & Co. are dated June 15, the New York Trust Co.
being trustee for the issue.
The proceeds of the Issue will be used In the purchase of necessary ma­
chinery for operating the 22 mill and affiliated properties that have been
taken over by the com pany, and do not Indicate a policy of further expan­
sion.— V . 92, p. 1568. 1314.

Julius K a y 3er & Co., N . Y .— Stock All Sold.— The $ 3 ,­
000,000 7 % 1st pref. stock offered last week by William
Salomon & Co. and Spencer Trask & Co. has all been sold.
Compare V . 92, p. 1568.
Kino’s County Electric Light & Power Co.— Listed.— 'The
New York Stock Exchange has listed $1,299,000 additional
6 % convertible debenture bonds due 1922, with authority to
add $201,000 on notice of issuance and payment in full,
making the total amount to be listed $4,000,000. Compare
V . 92, p. 1036, 959.
Knickerbocker Ice Co. of Chicago .— Bonds Sold.— The
company has, it is reported, sold $4,300,000 5 % bonds under
a new mortgage to Goldman, Sachs & Co., Lehman Bros, and
C. D. Barney & Co.— V . 92, p. 1503, 393.
coal lands
Lono- Island Lighting Co., Northport, &c.— Bonds— Earn­
ings, ci’c.— The $225,000 1st M. 5 % gold bonds offered by

1040

THE CHRONICLE

E . H . Rollins & Sons of New York, Boston, &c., at 9 3 ^
yielding about 5 % % income, are dated March 1 1911 and
due March 1 1936, but redeemable on any int. date at 105
and rat. Interest M. & S. at Mercantile Trust Co., N . Y .
City, the trustee. Par .$100, $500 and $1,000 (c*).
Letter from Pres. Geo. W . OlmMead, Northport, L. I .. N Y June 5 1911
Ia t he°cen tra /n i >rt,inrfn f V ° dora1gas,’ elcctric light, heat and power business
o f the N orthnorft mn^-rtLl ? ? J.s'a‘,l d ’ beIn? a consolidation recently effected
vl II f i F I T W ’ n
9 ° - th« A m ltyvllle E l. L t. Co., the Sayn fN n r th ^ h n w 'm 11! .th<-. I,s.llp El- L t. C o., and also owns entire capital stock
Townshlp T a p ltk L a U on 'J s!’ C° " Wh,Ch ° WaS the franchlse la Brookhaven
Capital stock authorized, $300,000; issued_______________
$150,000
tir s t mtge. authorized, $6,000,000; issued_______________________ 225,000
„# T £ e rcniaInln£ bonds may be Issued for not to exceed In par value 75%
o f the cash cost of betterments, extensions and additions, but no bonds in
excess o f a total of $360,000 unless (a) the net earnings for the preceding 12
months arc at least twice the annual Interest charge, Including all bonds
then about to be certitled; nor (b) until the $300,000 of capital stock shall
have been issued, fully paid at par, and the proceeds Invested In the pron?rty. oinking fund, 1% o f outstanding bonds annually, beginning March
1016, with a further 1% annually, beginning March 1914, for betterments
extensions or additions, against which no bonds shall be Issued
The cash
cost to the com pany of the assembled properties, when Improvements from
the proceeds o f the $225,000 bonds first issued shall have been com pleted
will have been $375,000. The value o f the property when Improvements
from the proceeds of the first $360,000 bonds shall have been com pleted will
be $723,000, exclusive o f good will, orm oreth a n double the bonds then out.
Earnings fo r Cal. Years (Estimated 1912, not 1911)— Present Interest Charge.
1910. i?sf.l912.|
1910 '
Gross earnings— $59,831 $120,0001 Present interest charge.
$11 250
Net, after taxes. .$22,636 $60,0001Balance, surplus____________$11,386
The com pany has franchises covering both the territory now served and
that em braced by the proposed extensions. These franchises are without
tim e limitation except that in Isllp, which extends to 1959. Also has fa­
vorable m unicipa1 lighting contracts with the villages of N orthport, A m lty­
vllle, Isllp, Sayvlile and Bayport, and furnishes power to N orthport El R v
Propertg.— Electrical generating stations of brick and masonry at Northport, A m ltyvllle and Sayvlile, total capacity of 1,070 h. p. in electrical
machinery, and 82 H miles of distributing Une3; 908 customers are being
served. Also has an arrangement for the Interchange of power on favora­
ble terms with Babylon Elec. Co., with Installed capacity of 650 h p
The plans o f the com pany call for the Immediate construction from the
proceeds o f these bonds o f high-tenslou transmission lines from A m ltyvllle
to Sayvlile, 23 miles, and from Isllp to Northport, 17 miles; the construc­
tion o f sub-stations at Isllp, Commack, Brentwood, Ronkonkom a and Cen­
tral Isllp, and the Installation o f additional machinery with capacity o f 1 000
h . p. In Northport and the enlargement o f Northport power station.
Business F ield .— Perscnt population over 63,000 people. The tubes rcc c 'Ri1/
toted under the East River, connecting the Long Island R R .
with the new Pennsylvania Terminal in New York, and the electrification
ilf thv
° L ' I I R R >aa,cI other improvements thereon, must
h i /h,“ br n™ Vii i r ,ieaY,y increase In population in the territory served
— V 92L p °1 5 6 9 d L t^ ‘ C° " part,cular‘y wlthln the com m uting zon e.—

Louisville (K y .) Gas Go.— Dividends Resumed.— The di­
rectors on June 12 declared a dividend of 3 % on the $3,600,­
000 stock, payable June 30. Dividends were suspended in
January 1910. The improvements made since that date
are said to have materially improved the earnings.
On June 10 the Louisville Lighting Co. declared a dividend of 2 % , paya­
ble June 30, on Its $2,700,000 com m on stock (of which the Louisville Gas
Co. owns $1,667,000), being the first distribution In over two years.
Condensed E xtracts from Statement by Pres. Fred A1. Sackett, rtlay 22 1911
In May 1907. when I took charge of the Louisville Gas Co. and the Louis­
ville Lighting C o., the Gas Co. was In com petition with the Kentucky Heat­
ing Co. (V . 78, p .2 9 0) In fuel gas and had a floating debt of about $100,000.
The Gas Co. had already contracted for the construction of its office build­
ing, and though, at a later d a te .it sol $200,0001st M. bands, the m m e y
so received was not sufficient to pay for this construction, to clear off its
floating debt and provide for the extensions required by Its charter, which
averages about $60,000 a year.
The situation In the electric department was that the charter of the Ken­
tucky E lectric Co. (V . 92. p. 1036) had already been granted; that the
Louisville Lighting Co. owed, as a floating debt, about $250,000; that the
city had passed an ordinance requiring the wires to be put underground in
the centre of the city; that on demand o f the Board of Public Works the
installation of a new street-lighting system had been undertaken; that a com ­
plete reconstruction o f the operating plant, then out-of-date, had been
ordered, and that the outlying lines needed rebuilding and extending
82TonC
oSnoir Prw . T lnU^
practically com pleted, have cost more thkn
$2,000,000. Within 15 months we succeeded In selling $1,150,000 of se­
curities, and that money, together with the earnings o f the lighting com P.aaY’ was put into the property and the necessary extensions. A t a later
tim e, when the com pany was actively com peting with the K entucky ElecH l0 ,Cv0-.’ , th cre.wa;s . n.0 \vay to provide the money needed except for the
stockholders, of which the Gas Co. was the largest, to purchase the Lightlng Co s securities. Tills plan required $125,000 cash from the Gas C o.,
and this expenditure was authorized In December 1909, when the dividend
o f the Gas Co. was passed for the first time In order that the earnings might
be used to provide this m oney.
S'uc;e that period all the earnings of the Gas Co. have been used to pay
n^n<ieTbit ,i ?!lov
*°.r extensions and purchase the securities of the
Louisville Lighting C o., just mentioned, in addition, the Louisville Gas
hiw during the last year, at a cost of about $50,000, all of which has been
charged to operating expenses, com pletely overhauled more than 20,000 of
mlnTm*?” ; lhnA S
,U? entlr? systcm of mains. In order to reduce to a
minimum the extensive leakage of gas. Both companies have been brought
to a high state of efficiency and to-day are operating at a ratio of expense
to gross incom e below the average of companies simllary situated.
V
It has been the view of the management that com petition in public utillt‘ ofJ s a mistake, both from the standpoint of the public and that of the
stockholders; that its best efforts should be devoted to effecting a union of
the opposing companies upon fair terms. With that end in view, and with
the assistance of the financial institutions interested, a much better under­
standing has been brought about with the other companies during the past
18 m onths. The consum m ation of these plans Is dependent upon the grant­
ing of certain franchises b y the city . Compare V . 92, p. 530.

Louisville (K y .) Lighting Co.— Dividend.— See Louisville
Gas Co. above.— V. 91, p. 97.
Mutual Union Telegraph Co., New York .— Listed.— See
Western Union Telegraph Co. below.— V. 92, p. 1314, 730.
National Gas,
Electric Light & Power Co.,D etroit.—
Listed.— The Phila. Stock Exchange has listed an additional
$707,900 pref. and $221,300 additional common stock of the
National Gas, Electric Light & Power Co. (Detroit, Mich.),
making listed $1,612,900 pref. and $1,390,900 common.
o^ Z Ii10.acIaiti0nal st? ck was *ssued for the following purposes: $185,100 pref.
stock In paym ent o f accumulated dividends on pref. stock of the com pany
"
525,000 pref. stock In acquiring the entire $100,000 capital
«c,„Cna £5,.May. R !um a t i n g C o.; $55,000 pref. stock In acquiring
^ i i 0 .?,,1^ 0,000 caPRal
o f the Carbondale Gas Co.; $442,800 pref.
o ! i i n i r * « 00^ M , u On, stock la acquiring $1,845,200 capital stock of the
pare V . 91 p 1033. - *
92 p^ eoe.’ 01 tt total lssue of *2 *000*000- Uom-

York Terminal Co.— Judgment.— Justice Marean in
the Supreme Court in Brooklyn on June 9 awarded judgment
for $80,628 28 in favor of the United States F i d o l i t y & S anty Co. and against the Brooklyn Ferry Co., the New York
Terminal Co, and the bondholders’ protective committee of
the Brooklyn Ferry Co.




[VOL. L X X X X I I .

leases6 nPf

to toe clty o f the re,ltal u n d e r the olds
y ^ m p a n le s which operated from the f o o t o f B ro a d ^
the c°m panles defaulted, the plain tiff had to
Hie Tleim
e^ nm
lnaaif Go.
rv, that
thai the
/h e B
n -purp?
sc of adjusting
on th e assets o f
tne
suit
was brought.—
V. 91,the
p . lien
1633.

Niagara Lockport & Ontario Power Co., Niagara F alls.—•
See report of Westinghouse Electric &
Manufacturing Co. on a preceding page.— V. 92, p. 61.

Control— Larnings.

Nova Scotia Telephone Co., Halifax.— Safe.— The shareYi0 » / s Y °ted
sed
property and franchises tothe Maritime Telegraph & Telephone Co., chartered by theNova Scotia Legislature. A press despatch says:
tiv lw
on,
y aJue of the stock, or alternalively
Maritinie 6 % bonl> auci $35 cash for each block of si no nar
H on e,B 1V ( W - I n n 51,°„° Doa 1;- $3 > in preferred stock and $30 in com m on.
fo ? thp hnn «
.
ce l jthalt a marUet has been found in England
for the bonds. [At lait accounts the stock of the N ova S cotia Tel ( ’o
stock was $1,180,550 in $10 shares, dividend rate 6 % per ann — E d.]

Ohio Fuel.Fupply Co.— Report.— For year ending Apr. 3 0 :
u fio T i
i,
1909—10
190J 10--------,,9-8,282

. . NeL
Dividend.
Surplus.
$ H 5 9 .1 2 S (8 % )$1,245,371 $513,757
1,443,534 1,484,748
(10)
825,000 659,748
shown above for "dividends” during the year
issued
mtercst paid on the $6,115,125 o f 6% debenture bonds
issued in July 1910 as a a0% extra dividend on the stock, dividend dis­
bursements on the $12,230,250 stock being at the rate o f 8 % .— V. 91, p. 876.

•Railway Automatic Sales C o.— Control.— See Autosalefii
Gum & Chocolate Co. V. 92, p. 1051.— V . 75, p. 33.
Shore Lighting Co., New Jersey.— Consolidation— New
®77nThls comPany was formed in N . J. March 21 1911,
with $112,000 capital stock in $100 shares, by merger of the
bhore Electric Co. of Red Bank, N . J., the Seabright Elec­
tric Light Co. and the Citizens’ Light & Fuel Co. of South
« tn i on'n
Pu )lKi Sorvice Corporation of N . J. owns
$101,300 of the stock.
The electric properties have been leased to Pub Serv Electric Co and
t^ gf r g ,ropcrtles to tllc p ub. Serv. Gas Co from M a y T i 911 for 900 vears*
on bonded ^ e b t.^ A ^ ^ ilf tiptoe ^fde’llty^r™^
150o!CdateJSAprI1°1 « ° n ° d ^ A p ^ l ^ l ^
E , T . eC a m p U flfTS ? E hT P brudne n etlred-

P rcs”

trustee*

Pc‘rcy I‘ngal,s:

S eo"

Southern California Edison Co.— Earnings.— Wakefield,
Garthwaite & Co. of San Francisco report:
Year ending Gross
March SI. Earnings.
1 9 1 1 --------------$3,449,994
1910 ------------- 3,030,217
— V . 92, p. 1570.

Expenses
& Taxes.
$1,761,226
1,530,894

Net
A n n'IB ond
Balance
Earnings, int. Chgs. Surplus.
$1,685,768 $630,880 $1,045,888
_______
.....1 ...
1,499,323

Southern Power Co., North and South Carolina,— Bonds
W Zr

~ Earnings.— .Harris, Forbes & Co., New York;
N . Vv. Harris & Co., Boston; Harris Trust & Savings Bank,.
Chicago, and Perry, Coffin & Burr, Boston, recently offered
at par and int. the unsold portion of $1,000,000 1st M.
^0-year 5 % gold bonds, dated March 1 1910, making $ 4 ,­
000,000 of the issue outstanding (compare V. 90, p. 855.)
Abstract o f Letter by Vice-Pres. W . S. Lea, Charlotte, N. C ., Apr. 23 1911
The com pany has constructed and put In operation (a) two large h y d ro­
electric developm ents on the Catawba R iver and one on the Broad R iver in
South Carolina: machinery installation, 88,000 h. p . rated capacity
(6)
Auxiliary steam plant of 10,000 h . p. capacity, at Greenville, S . G.
A
second steam plant of 10,000 h. p. at Greensboro, N. C., Is almost com pleted.
■
Capitalization.
Preferred stock, 7% cumulative, auth., $6,000,000; outstanding $6,000,000Common stock, authorized, $5,000,000; outstanding,
' 4,000,000
First mtge. 5s, due March l’ l9930,
30 , a
...................................
B____
uth., $10,000,000; outst’g
____ 4,000,000
, T b c Catawba Power C o., whose entire $700,000 capital stock is owned
by
Tnn^
nnS3«oui starl al,1|S the follow ing bonds: $687,000
6s due June 1 1933 and $6,000 6s due A ug. 1 1922. N either the nronertv
nor the stock of the Catawba Power Co. is covered by this m tge nor have
the bonds o f that com pany any Hen or Interest in this c o .?s property
Earnings fo r Calendar Year 1910— Against Present Int. Charge o f $200,000.
Gross receipts_________________________________
« , Of o
Net earnings after operating expenses, taxes and rentals 1111111” $807,’937
The above earnings include the Income derived from the Catawba Power
C o., whose $700,000 capital stock Is owned b y the Southern Power Co
The latter com pany pays an annual rental to the Catawba Power Co which
rental Is charged Into operating expenses.
The Southern Power Co. serves the great manufacturing and industrial
territory extending for som e 267 miles over the western section of North
Carolina and South Carolina, com m only described as the cotton-m ill dis­
trict of the South, Including as It docs over 400 mills with an estimated
equipment o f 5,500,000 spindles and 120,000 loom s. The larger cities and
towns include: Durham, Burlington, Greensboro, High P oint, W instonSalem, Salisbury, Lexington, Concord, Charlotte, R ock II111, Gastonia,
Chester, Spartanburg, Greenville, Gaffney, Easley, Greenwood, Newberry.
Union, Lancaster, Monroe, Albem arle, Llncolnton, Shelby, H ickory and
Statesville. Urban population estimated at over 210,000; total county
population by 1900 Census in excess o f 600,000.
The com pany supplies power to m ore than 148 mills, which operate ap­
proxim ately -.105,000 spindles and 42,600 looms; also electricity at wliolesalc for commercial and municipal uses to the local distributing com panies.
The opportunities o f service arc still very great, Irrespective o f the Industrial
growth at present In evidence.
The bond Issue covers the following developm ents: (a) Hydraulic- Great
Falls on Catawba R iver, 32,000 h. p. rated capacity; R ock y Creek on Ca­
tawba R iver, 32,000 h. p.; N inety-Nine Islands, on Broad R iv e r ’ 24 000
h- P-l total, 88,000 h. p. (b) Steam: Greenville, 10,000 h . p .; Greensboro
10,000 h. p. (almost com pleted). The com pany owns (1) the entire eanll
tal stock of the Catawba Power C o., with water-power developm ent on
Catawba R iver of 8,800 h. p.; (2) entire com m on stock o f Grcenvillc-Carollna Power C o., with water-power developm ent of 3,500 li. p on Saludo
River, near Greenville, S. c . ; (3) high-tension transmission systeni com ­
prising a three-wire circuit equivalent to 1,308 miles in length, uniting the
several plants In a com plete system . Present reproductive value of the
physical property securing this m ortgage, excluding Intangible assets ex­
ceeds 2 Vi times the outstanding bonds. The water-power and sub-station
sites are held In fee and pole locations are either owned in fee or are secured
under perpetual easements. (See Greenvllle-Carollna Power Co above >
The authorized 1st M . bond issue Is $10,000,000; the remaining so ooo ooo
bonds in escrow m ay be issued only for 70% o f the cash cost o f additions
and extensions, but In no event unless the net earnings for the nreccdlng
12 months shall have been equal to at least twice the annual Interest on -ill
1st mtge. bonds outstanding, Including those proposed to be Issued
The
entire Issue of 1st mtge. 5s (but no part thereof) m ay be called for Davment
on any interest date at 105 and Int.
w
The com pany Is owned and controlled by J. B. Duke, B . N. Duke, W G,
W ylie, R . H. W ylie, W . S. Lee and associates;

Allied Trolley Interests.— See
V. 92, p. 1500.— V. 92, p. 1247.

Piedmont

Traction

Co..

Tri-State Telephone & Telegraph Co., Minneapolis, &c.—
Earnings, &c.— The following has beenjpublished:

J u n e 17 1 9 1 1 .

1641

THE CHRONICLE

Earnings fo r Cal. Years (Net after Operating Expenses and Maintenance).
1910.
1909.
1908.
1907.
1906.
1905.
Gross
$1,307,619 $1,210,399 $1,118,713 $1,021,010 $880,314 $657,455
Net
040,726
574,403
534,041
457,659 380,033 316,234
The"com pany Is now paying 0% yearly oil both Its prof, and com . stocks.
Total Telephone Stations (M inneapolis, St. Paul, & c.), Mag 1911, &c.
1911
1910.
1909.
1908.
1907.
1906.
1905.
1904.
1903.
61 348 54,660 38,934 31,335 23,859 20,283 15,274 11,001 9,103
The large Increase In stations In 1910 was mainly due to the purchase or
the Zenith Independent Tclcph. Co. of Duluth and Superior.— V .8 9 , p. 230.

“ Trustees of the Masonic Hall & Asylum Fund” (Corpora­
tion), New York .— Bonds Offered.— Watson & Pressprich,
36 Nassau S t., New York, are offering at par and int., by
advertisement on another page, the unsold portion of an is­
sue of SI, 100,000 6 % mtge. gold bonds dated March 31 1911
and due $50,000 annually April 1 1914 to 1918, inch, and
$850,000 Sept. 18 1918. Par $500 (c). Int. A . & O.
Lawyer’s Title Insurance & Trust Co., N. Y ., trustee. Taxexempt in New York State. These bonds are a direct obli­
gation of the aforesaid corporation, created under the laws
of N. Y . State and holding title to the highly valuable prop­
erty belonging to the “ Grand Lodge of Free and Accepted
Masons of the State of New York, an organization of great
financial and moral strength,” They are further secured
by a mtge. on the property, including land and buildings, lo­
cated in the heart of N. Y . City. The bonds have all been
sold. A circular says in brief:
The Improvements consist of a modern 18-story building known as the
Masonic Hall, com pleted In 1910, on the 24th St. lots, and a new 19-story
building under construction on the northeast corner of 23d St. and 6th A y .
The proceeds of the sale of these bonds, $1,100,000, arc on deposit with the
trustee and will be paid to the contractors as the work progresses, the
land, together with the building existent and In course of construction,
have been appraised by the Crulkshanlc Com pany at $3 , 280,000, which,
while less than cost, would leave, aside from other property and cash assets,
an equity over the total mtge. Indebtedness of nearly $ 1 ,000,000.

Extracts from Statement of the Trustees of the Corporation. New York,
May 31 1911.
Each trustee Is nominated b y the Grand Master of Masons In the State of
New York for a term of three years, and elected by the Grand Lodge In
annual com m unication assembled. The Grand Lodge Is com posed of 802
lodges within the State: aggregate m embership, 168,714 on Dec. 31 1910.
Ileal Estate in N . Y . City Oionetl in Fee by the Corporation.
(1) Land on northeast corner of 23d St. and 6th A ve., being 98 ft. 9 In.
on 6th A v . by 141 ft. on 23d. S t., upon which will be constructed, by the
George A . Fuller C o., a 19-story bldg, (covering all of said plot) at a con ­
tract price of SI ,078,000. T o cover said price t lose 6% bonds were Itsucd.
(2) A plot of land with the magnificent 18-story bldg, thereon, erected
on the southerly side of West 24th St., beginning at a point 95 ft. east of 6th
A ve. and having a frontage of 89 ft. and a depth of 98 ft. 9 In.
The value of the land alone. Included In the tw o connecting plots, was
recently appraised at $1,500,000. It cost the trustees $1,301,000 to erect
and equip, the 18-story bldg., and after com pletion of the new bldg. It Is
estimate 1 th it t 'l : value of the 1au 1 an 1 improvements will be $3,900,000.
The prior Hens on the property arc 5% mtges. aggregating $1,200,000,
maturing Sept. 18 1918, making, with tills issue of $1,100,000 of 6% bonds,
total liens of $2,300,000, with a total annual Interest charge o f $126,000
The corporation also owns free and clear |in U tica, N. Y ., about 220 acres
of land and the Masonic Hom e located thereon. The buildings cost over
$500 000 and the l u l l is v a lu e! at $75,000; total, over $575,000. The
corporation also had on hand at the end of Its llseal year cash on deposit,
$221,408, and marketable securities, $13,856; total, $235,264, with no ob­
ligations other than current m onthly bills and the foregoing liens.
The Income from the present building and the estimated incom e from
the building which It Is hoped will be com pleted about Feb. 1 1912 we esti­
m ate will aggregate auout $250,000 or about twice the total Interest charges.
[The trustees are Frank E . Hall, George .J. Jackson, George T . M ont­
gom ery, A rthur M acArthur, Milton VV. Davison and J. Howard Wainw rlght.j

Union Oil Co. of California.— New Bonds.— The new bonds,
of which $5,000,000 were recently sold to a syndicate, are
part of an auth. issue of $20,000,000 “ first lien 5 % 20-year
sinking fund bonds,” par $1,000, dated Jan. 2 1911 and due
Jan. 2 1931, but callable for the sinking fund at 102)^ and
int., and as an entire issue at 105 and int. An advance offer­
ing, it is understood, is being made at 9 1 ^ and int., yielding
about 5 % % income. .
■ Of the remaining $15,000,000 bonds, $8,085,000 arc reserved to retire
bonds of sub-companies and $1,000,000 debenture notes due May 1 1912.
The llnal $6,915,000 bonds are reserved for future Issue under careful re­
strictions. Compare V . 92, p. 1503, 1373.

Acquisition.— The company has acquired the property of
the Bassett & Presley Co. of Cleveland, jobbers in finished
steel products, for use in extending the company’s plants.
N o. 1 mill of the Gary plant of the American Sheet & Tin Plate Co. was
given an Initial trial June 1.— V . 92, p. 1570, 1504.

Utah Copper Co.— Listed.— The N . Y . Stock Exchange has
listed $66,500 additional stock; making the total amount
listed $21,026,130.-— V. 92, p. 1378, 1372.
Virginia-Carolina Chemical Co., Richmond, Va.— Divi­
dends on Common Stock Not Considered.— The directors on
June 13 declared the regular quar. div. of 2 % on the $18,­
000,000 pref. stock, but did not take up the question of a
distribution on the common ($27,984,400). The latter re­
ceived 5 % from earnings of fiscal year 1909-10, viz. 1 fi %
each on Aug. 15 and Nov. 15 1910 and Feb. and May 15 1911.
An official statement says:

The question of dividends on the eom m on stock will not be considered
until after the statement of the public accountant has been finished.
The preliminary iigures indicate that the profits from the fertilizer busi­
ness will be approxim ately as large as last year. The cotton oil business is
likely to show a loss of about $500,000, against a profit of $1,450,000 last
year, owing to the high prices o f cotton seed and the low prices of all edible
fats and oils, including hog lard. [Pres. Morgan reports that he has made a
satisfactory contract with the German potash syndicate for a supply of
potash.]— V . 92, p. 530.

Western Union Telegraph Co.—Listed.— The N . Y . Stock
Exchange has listed $1,858,000 Mutual Union Telegraph Co.
guar. 30-year bonds extended at 5 % , due May 1 1941, with
authority to add $19,000 additional on receipt of official ac­
tion asked for, making the total to be listed $1,877,000.
The following guaranty Is engraved on the extension supplem ent: ‘ ‘ Pur­
suant to and in consideration of the foregoing extension of the Mutual
Union Telegraph C o.’s 6% gold bond therein m entioned, as to the paym ent
of the principal thereof, The Western Union Telegraph C o., for value
received, hereby guarantees the paym ent of the principal of said bond on
May 1 1941, and of the attached Interest coupons at the tim e and In the
manner therein stipulated.” [Signed by Secretary.]
In consideration of
this guaranty the operation of the sinking fund providing for the paym ent
of $50,000 per annum was w aived. (V . 92, p. 1314, 730.)

Earnings.— For the 3 and 12 months ending June 30
(partly estimated in 1911):
3

Months ending
Net
June 30—
Revenue.
1911 (estim ated )-. — $1,651,000
1910 (actual)__________ 1,950,000
12 Months—
1910-11 (e s tim a t e d )...$6,737,865
1909-10 (actual)______ 7,274,900
T otal surplus (estimated) June

Interest
Charges.
$433,734
433,062

Dividends
Balance,
P aid.
Surplus.
(M % )S 747.876
$433,390
( H % ) 747,391
769,547

$1,733,171 (3 % )$ 2 ,9 9 1 ,295 $2,013,399
1,687,830 (3 % ) 2,989,690 2,597,374
30 1911 Is $9,747,092.

President Vail says the falling off in earnings was due to
increased wages and extensive improvements.
“ The business of the com p a n y,” he says, “ has largely Increased in the last
year, and there has been a gratifying increase in gross revenue; but at tho
same time there has been a large Increase in expenditures. The results of
the betterments made will be reaped in the future.” — V . 92, p. 961, 738.

Wichita (Kan.) Water Co.— Proposed Sale to City.— See
“ Wichita” in “ State & City” department.— V. 89, p. 533.
Wolverine Portland Cement Co.— Dividends Resumed.— A
quarterly dividend has been declared on the $1,000,000
stock, payable Aug. 15, the first, it is stated, since 1909.
Previous Dividend Record (Per Cent) .
1902.
1903 to 1906.
1907.
1908.
8
6 yearly
26
19 'A
— V. 90, p . 1048.

1909.
6

Youngstown (O.) Sheet & Tube Co.— New Stock.— The
“ Iron Trade Review” of Cleveland on June 15 said:
T he directors recently authorized an increase in the capital stock from
$10,000,000 to $15,000,000. Part of the proceeds will be set aside to ex­
pend for proposed new construction estimated to cost $3,000,000. Plans
drawn spme tim e ago, but in abeyance for some months, provide for six
open-hearth furnaces and a blooming m ill, with further provision for four
mills later.— V . 88, p . 1626.

— On Wednesday, June 21, Bryan L. Kennelly will sell at
public auction a large acreage tract at Hempstead, L. I .,
consisting of 40 acres on Prospect A ve., south of Front St.,
United Coal Co. of Pittsburgh, P a.— Acquisition— Note with over 500 feet frontage on Prospect Ave. This acreage
Issue.— This company, it is announced, has just purchased property is desirably located in this well-known suburban
7 5 % of the capital stock of the Merchants’ Coal Co. (V . 90, section and is ready for subdivision or investment. In the
immediate vicinity is the country residence of Mrs. O. H . P.
p. 630.) An authoritative statement says:
Belmont, and in the surrounding neighborhood are the sub­
'I'hc com pany now owns and controls, through Its stock ownership in the
Merchants’ Coal C o., ten mines in full operation and one Held shortly to be urban estates of many New York millionaires, Ilavemeyer,
developed, the mines being located In the Pittsburgh district and the Johns­
Kernochan, Van Rensselaer, Kennedy, Brisbane and the
town basin, Pa., and in Preston County, VV. Va. The properties of the
United Coal Co. and the Merchants’ Coal Co. have been appraised recently
Meadowbrook Hunt Club. The sale will be held at the Real
at over $19,000,000.
Estate Exchange Salesroom, 14-16 Vesey S t., at 12 o ’clock,
Ill
connection with this announcement, J. S. & W . S. Kuhn,
Wednesday, June 2 1 . Maps and full particulars can be
Pittsburgh, New York, &c., arc offering $750,000 6 % notes obtained from the auctioneer, Bryan L. Kennelly, 156 B ’ way.
of the United Coal Co., which have been issued to reimburse
— The “ Universal Railway Manual,” 1911 edition, edited
that company in part for the purchase aforesaid. The variby Capt. L. E. Hopkins, Royal Engineers Indian State Rys.,
out sinking funds, it is said, will retire the bonds before onehas been issued by the Society of Railway Stockholders,
half of the coal in the one seam which is now being worked
1 Arundel S t., London. The statistics are compiled in com­
is exhausted.
parative tables for ten years and cover the principal railway
The surplus of the United Coal Co. for the past nine years, amounting to
over $1,109,000, lias been expended in permanent Im provem ents to Its companies whose securities are dealt in on the London Stock
properties.— V. 88, p. 298.
Exchange. The book can be had in this country from The
United States Realty & Investment Co.— Board Reduced— Macmillan Company; price, $2 50.
New Officers.— The following changes have been made:
— The banking house of W m . A . Read & Co. are offering
The board has been reduced from 18 to 14, the follow ing members re­ on another page two choice issues of railroad bonds, namely
tiring: Charles M. Schwab, William H . Chesebrough, Paul Starrett and II. M.
St. Paul Minneapolis & Manitoba Ity. Co. (Montana E x .)
Fellows. W m . C. Pol lion has been elected a director to succeed Oaklelgh
Thorne, resigned.
first mortgage gold 4s, due 1937, and Kansas City Fort Scott
The stockholders voted to amend the by-laws so as to enlarge the power
& Memphis ltR . Co. con. mortgage 6s, due 1928. The firstof the Chairman, making him chief executive officer o f the com pany.
Paul Starrett, President of the George A . Fuller C o., and George T .
mentioned issue is legal for savings banks in New York,
Mortimer have been made Vice-Presidents, to succeed W . If. Chesebrough,
Massachusetts and Connecticut. Full particulars will be
who resigned, and to 1111 a va ca n cy.— V . 92, p. 1433, 1378.
United States Steel Corporation.— Subsidiaries’ Orders furnished upon application.
— The 1911 issue of the “ Canadian Financial Review” has
April 30.— The report of orders given out on June 10 shows
unfilled orders on the books May 31 aggregating 3,113,187 been received through Messrs. R. Moat & Co., Montreal.
It is a volume of some 300 pages and is the standard work for
tons, being a decrease of 105,517 tons during May.
reference regarding Canadian properties and their securities.
Tonnage o f Unfilled Orders (00,000 omitted) — All on New Basis.
------------------ 1911—.---------------------------------------- 1910---------------------- 1009,1904.
W . R . Houston, 7 King St. East, Toronto, compiler; price,
M au. A p r. Mch. Feb. Jan. Dec. N ov. Oct. Sept. July. Melt. Dec, Sept.
$6 " .
3,1 3,2
3,4
3.4
3,1
2,7
2,7 2,8
3,1
3,9
5,4 5.9 2,4




1642

T H E C H R O N IC L E

[VOL. L X X X X II.

ilcpm-is and Jloxunmifsi.
WESTINGHOUSE ELECTRIC & MANUFACTURING COMPANY
A N N U A L R E P O R T — FO R T H E FISCAL Y E A R E N D E D M ARCH

_
a. 1 1 a
P ittsb u rg h , P a ., J u n e 5 1911.
1 o the stockholders o f the W estin g h o u se E lectric & M a n u fa c ­
turing C o m p a n y .
Ihe Directors respectfully present herewith their report
the operations of your Company and of its subsidiary
Companies for the fiscal year ended March 31 1911. The
Income Account for the year, which includes the operations
of all the subsidiary Companies— sales between Companies
however, being eliminated— is as follows:
ot

Gross Earnings—

[

CoT^of3Shipments— ---------------------------—

............................ - * 3 8 ’ 119’ 3 12 01

F actory Costs, including all Expenditures for Patterns, Dies,
New Small Tools and Other Betterments and Extensions;
also Inventory Adjustm ents, and all Selling, Administra­
tion, General and Developm ent E xpenses________________ 32,510,546 87

Net Manufacturing P r o fit s -..---------- ---------------------------- ~$ 57608 !765 14
Other Income—•

Interest and Discount_______________________
Dividends and Interest on Sundry Stocks and
Bonds O w n e d ...
.................... .............
Miscellaneous— Royalties, & c . . . ......................
Total Incom e.

$272,055 28

615,209 40
628,177 13

1 515 531 81
$7,124,296 95

31

1911.

Deductions from Incom e—
Interest on Bonds and Debentures___________ $1,076,553
Interest on CollateralN otes.................................
416^000
Miscellaneous Interest_______________________
92 9 3 3
Property and Plant Depreciations Charged
against Incom e.......... ..........................
371,668
Proportion of Expenses Incidental to Bond
and N ote Issues_________________________ _
7 g qqq
Miscellaneous-------------------------------------------------209,369
Net Income

71
00
04
10
cc

37

2,243.190 97

Surplus for the Year_______________________ $4,881,105 98

The year’s business, both in gross earnings and net income,
was the largest in the history of the Company. The
gross earnings exceeded those of the preceding fiscal year
by $8,870,630 and were greater by $5,093,072 than the
earnings of the best previous year in the Company’s existence.
A condensed comparative statement of gross earnings and
net profits for the past six years, adjusted to the basis of the
foregoing statement of income, follows:
Year ended March 31.

—
t.
$24,081,601 $33,026,240 $32,844,829 $20,606,592 $29,248,682
21,390.059 28,846,665 30,301,147 19,955,808 25,095,704 $38,119,312
32,510,547
Net Manufacturing Profits.
$2,691,542 $4,179,575 $2,543,682
$650,784 $3,552,978 $5,608,765
Other In com e_______ _____ _
959,786
1,256,335
1,555,697
986,293
1,010,561
1,515,531
T otal In co m e _________________ __________________
.
$3,651,328 $5,435,910 $4,099,379 $1,037,077 $5,169,539 $>,124,296
Adjustments, inactive Apparatus and Material* Scrapped I
Bad A ccounts and E xtraordinary Items of Expense charged to Incom e
’
493,081
1,070,383
1,087,453
841,321
419,692
657,704
Net Incom e A pplicable to Interest and Other Charges____________
$3,158,247 $4,365,527 $3,011,926
$795,756 $4,749,847 $6,406,592
Interest Charges.
__________________
$1,137,592 $ 1,592,353' $2,001,091 $2,200,771 $1,689,183 $1,585,487
Net In com e—Surplus for the Y ea r____________ I I I I I I I I I
$2,020,655 $2,773,174!
$950,835 $1,405,015 $3,060,604 $1,881,105
1
(Deficit)
Gross Earnings— Shipments Billed.

\our Directors feel that the satisfactory results of the past
year, reached as they were during a period of somewhat less
than normal activity in other lines of industry, afford sound
basis for continued hope in the future of the electrical manu­
facturing industry and in the maintenance by your Company
of its position in that field. It is, on the other hand, a fact
that the volume of business now offering is on a diminishing
scale, and the results of the last year, therefore, are no certain
indication of a continuance for the future of gross earnings
and net profits such as the past twelve months have produced.
The business taken by the Company during February and
March, 1911 the last two months of the fiscal year covered
by this report— was somewhat less than that taken during
the same months of 1910, and the value of the orders booked
since the close of the fiscal year does not compare favorably
with that of the corresponding period a year ago.
The value of unfilled orders as of March 31 1910 was
$11,256,196; as of Mch 31 1911, this v aluestoodat$7,610,058.
. Certain other conditions affect the estimate for the immed­
iate future of the earning power of your Company. On
March 31 1896 your Company entered into an agreement
with the General Electric Company whereby for a period
of fifteen years thereafter each Company licensed the other
under the patents controlled by it during the term of the
agreement, with provision for the payment of royalties by
each on the basis of its use of the patents of the other. For
the past few years under the operation of this agreement
your Company has received substantial sums by way of
royalties. This agreement expired by limitation of time on
April 30 1911. No renewal of it is contemplated. This
source of revenue, therefore, cannot now be counted upon.
Other patent license agreements with manufacturers of
mining locomotives, small motors, fuses, switches and sockets
under which your Company has been working for some years
have recently been canceled on the suggestion that they
might be questioned as being in violation of the Federal anti­
trust laws, notwithstanding they were originally made and
have been maintained under advice of counsel that assured
your Company of their validity.
Your Directors have had steadily in mind the purpose of
strengthening your Company’s position in every possible
direction. To that end they have authorized considerable
increase in the expenditures of the selling organization, for
increasing the number of salesmen in the field, for remunera­
tion to its representatives adequate to secure the best effort
on their part, for the extension of advertising, and to
provide for proper warehouse facilities for carrying stocks
at distributing points. This has added considerably to the
aggregate sel mg expense; but the results, we believe, have
been justified in the increased volume of business obtained.
Itjis :i matter of simple computation, on the basis of the
operations of the past two years, to ascertain the point at
which the volume of gron business fails to provide a surplus
overjoperating expenses and fixed charges.
It is vital that
your business should not drop to that point.




With the same purpose in view fairly large expenditures
have been authorized for the work of new development and
for improvement in current types of apparatus.
This is an
item of expenditure which, owing to the position of your
Company, it would be unwise at any time to curtail. It
must be_ borne in mind that your Company must keep pace
in technical skill and inventive ingenuity with its competitors,
even though their combined capital and manufacturing
facilities are greatly in excess of yours. The cost of all new
development and re designing is charged monthly as a part
of the current costs.
During the past year additional real estate adjoining the
Newark plant has been acquired, so that your company now
owns substantially ajl of the city square on which the factory
is located.
Upon part of this additional real estate an ex­
tension to the plant is in course of construction upon a plan
which contemplates ultimately occupying all the newly
acquired area with an harmonious structure.
The extension
now being built will increase the manufacturing floor space of
this plant about 3 0 % .
The New York City plant is now in full operation by the
Westinghouse Lamp Company in the production of tungsten
lamps, the equipment of the building for that purpose, re­
ferred to in the last report, having been fully completed.
The additions to the Bridgeport, Conn., plant under way
at the end of the previous fiscal year have also been carried
to completion.
During the year the It. D. Nuttall Company, which has
heretofore occupied rented premises in Pittsburgh, completed
negotiations for the purchase of an existing manufacturing
plant on Fifty-fourth Street, in Pittsburgh, P a., comprising
approximately five acres. This plant, with some additions
to its equipment now in progress, will furnish the Nuttall
Company with ample facilities for many years to care for its
growing business. This transaction will be taken on the
books of the Company during April 1911,
} Your Company operates an iron foundry at Pittsburgh,
Pa., on leased premises. In anticipation of the termination
of its lease, and because the plant is poorly adapted to the
Company's needs, plans have been completed during the year
for the erection of a new foundry at Trafford City, about six
miles east of the main factory of your Company at East
l ittsburgh. Approximately sixty-three acres of land have
been acquired for this and other possible purposes, at a total
cost of $184,500.
Your Company has further acquired, for
the purpose of insuring communication between the proposed
new foundry and its plant at East Pittsburgh, sixty per cent
of the capital stock of the Interworks Railway Company,
owning and operating a line of railway between East Pitts­
burgh and Trafford City. Plans have been prepared for the
erection of foundry and pattern buildings at Trafford City,
at an aggregate cost of approximately $1 ,250 ,00 0.
Your Company was made party defendant, together with
the General Electric Company, the National Lamp Company
and a number of other lamp manufacturers, to a bill in equity

J une

17 1911.]

1643

T H E C H R O N IC L E

Your Directors' present the following explanation of im­
portant items in the Balance Sheet, with the view of inform­
ing the stockholders as fully as possible, without entering
into unnecessary details, as to the character and value of the
Company’s assets and the extent and nature of its liabilities.
This information is given both in recognition of the duty of
corporate directors to give their stockholders the fullest prac­
ticable publicity as to the corporation’s affairs and for the
purpose of enabling the stockholders to form for themselves
an intelligent judgment as to the advisability of distributing
the Company’s current earnings by way of dividends on the
assenting stock. [See pamphlet report for explanation of
balance sheet referred to above.]
By reference to the foregoing description of the securities
comprising the collateral for the six per cent and five per cent
collateral notes, it will be seen that, with the possible excep­
tion of the shares of assenting capital stock of the Westing­
house Electric & Manufacturing Company, the collateral se­
curing these notes is not readily salable.
Your Company
must, therefore, contemplate the necessity, as these notes
mature, either of extending them with the same collateral, or
of providing other means of meeting them than through the
sale of the collateral. There can, in the nature of things, be
but two such other sources: f i r s t , through the issuance of
additional capital securities either by way of bonds, securities
or stock; or, secon d , through the use of the Company’s
earnings.
This is a question seriously to be considered before the
earnings of your Company, gratifying as they have been for
the last year, and satisfactory as they were for the preceding
year, are applied to the payment of dividends on the assenting
stock.
Stocks—
After a careful consideration of all of the circumstances,
Westinghouse Electric Com pany, L td ., L ond on___________ $500,000 00
S ocietc A nonym c W estinghouse (French C om pnay)......... 218,974 00 having due regard for the true condition of your balance
The W estinghouse Machine C om pany______________________
93,538 60
sheet, hereinbefore minutely described to you, the elements
Bonds—
Lackawanna <fe W yom ing Valley Rapid Transit C o ---------- 2,000,000 00 of uncertainty as to the immediate future of your Company’s
Miscellaneous Stocks and Bonds_______ ______________________
40,402 31
business, the need for cash for new foundry facilities, for
T ota l............................. ............................................. .................$2,852,914 91
extension of the Newark plant and other factory improve­
As a result of these depreciations the Surplus as of March 31 ments, and the necessity of making wise provision for shortly
1911, shown in the Balance Sheet, is $5,904,224 90.
maturing obligations, your Directors have felt that it is not
The Consolidated Balance Sheet as of March 31 1911 wise at the present time to weaken your Company’s position
follows:
by diverting its surplus earnings, even in part, to the pay­
ASSETS.
ment of dividends on the assenting stock. Whenever a
Property and Plant—•
change in conditions shall lead your Directors to feel that a
Factory Plants, Including Real Estate, Machinery, Equip­
ment, & c______________
$17,692,145 01 different attitude can safely be assumed, the question will be
Sinking Fund—
re-considered and determined in the light of such change;
With Trustee for Redem ption of Convertible Sinking Fund
5% Gold B onds......... ..................
445 48 meanwhile your Directors trust that, with the aid of the very
Investm ents—
intimate information which this report gives as to the situa­
Stocks, Bonds, Debentures, Collateral Trust Notes, &c.,
Including those o f Affiliated European and Canadian
tion and affairs of their Company, the stockholders in general
W estinghouse Companies_______________________________ 24,034,035 99
will be led to the same conclusion.
Current A ssets—
C a s h ____________
$6,634,677 07
The books and accounts of the Company and of its sub­
Cash on Deposit to Pay Interest C oupons—
27,340 00
sidiary companies have been audited by Messrs. Haskins &
Cash on Deposit to Pay Dividends on Pre­
Sells, Certified Public Accountants, and their certificate is
ferred S tock _________________________
940
62
Notes R eceivable________
2,946,551 40
made a part of this report.
A ccounts R eceivable__________________ 9,494,731
06
By order of the Board of Directors.
Due from Subscribers to Capital S tock ____
53,928 77
ROBERT MATHER,
Total Current Assets_________________________________ 19,158,168 98
Chairman.
W orking and Trading A ssets—

recently filed by the United States under the provisions of
the Sherman anti-trust law. This bill proceeds on the theory
that certain agreements and acts of the lamp manufacturers,
defendants in the suit, constitute a combination in restraint
of trade. While it would not be proper to discuss in this
report the matters involved in this proceedings, your direc­
tors feel justified in saying that your Company’s operations
have been such that the outcome of the suit is not likely to
seriously affect the conduct of its lamp business.
The surplus as of March 31 1910 was $5,068,948. This has
been increased during the year by various items of profit
detailed in the statement of Profit and Loss to $0,349,255 92.
Adding the net income for the year, $4,881,105 98, there
resulted a surplus with which your directors had to deal as
of the end of the fiscal year of $11,230,301 90.
Against this surplus have been charged dividends on the
Preferred Stock, for the year, at the rate of 7 per cent per
annum and a balance of 8 % per cent accumulated but unpaid
in previous years, together aggregating $629,795 25. In the
adjustment of the account Property and Plant (hereinafter
referred to) and in establishing a direct liability for bonds of
the Walker Company guaranteed by your Company (herein­
after explained) there resulted charges against Surplus
aggregating $1,193,297 79, the items comprising which are
shown separately in the statement of Profit and Loss.
Charges against Surplus in connection with reserves for notes
and accounts receivable were made during the year aggre­
gating $589,774 05. Miscellaneous charges against Profit
and Loss amounted to $355 00. The total of the charges
enumerated is $2,413,222 09. There were also written off
as depreciations of investments, the following:

Raw Materials and Supplies, Finished Parts and Machines,
W ork In Progress, Goods on Consignment and Apparatus
with Customers_________________________________________ 14,321,4
Other A ssets—
•
Patents, Charters and Franchises___________ $6,074,985 17
Insurance, Taxes, & c., Paid InA d va n ce__
120,321 78
Deferred Charge— Expenses Incidental to
Issue of Bonds and N otes________________
993,333 34

Total Other Assets................................................................. 7 ,188,640 29
Total Assets.............................................................................. $82,395,510 36
LIA B ILITIE S.
Capital Stock—
P referred ___________________________________ $3,998,700 00
Assenting— In Hands
of
P u b l i c .......... $35,187,587 50
In T rcasu ry____
1,507,000 00 36,694,587 50
Total Capital S tock ........................................................... .$40,693,287 50
Convertible Sinking Fund 5% Gold Bonds, due Jan. 1 1931:
In H an ds of Public----------$19,691,000 00
In Treasury ........................
266,000 00$ 19,957,000 00
Debenture Certificates, 5 % , due July 1 1913
B onds— W alker Company, due January 1
1916, Guaranteed by W . E . & M. C o------

■ • • •
■ ■

1,800,000 00
850,000 00

Total Funded D ebt.............................................................. 22,607,000 00
Collateral N otes—
.
.
.................
Six Per Cent Collateral Notes, due A ug. 1
1 9 1 3 . . . _____ _________ _________________ $4,000,000 00
.................
Five Per Cent Collateral Notes, due Oct. 1
. . .
1 0 1 7 ..........................., ........ ............................ 2,720,000 00
■
Total Collateral N otes_______________________________
Long-Term N otes—
Four-Year 5% Notes, due Jan. 1 1913-----$429,900 00
Five-Y ear 5% Notes, due Jail. 1 1914-----429,500 00
S ix-Year 5% Notes, due Jan. 1 1915--------425,500 00
■ Fifteen-Year 5% Notes, due Jan. 1 1 9 2 4 ..
98,750 00

6,720,000 00
•

Total Long-Term N otes___________ ___________________
Real Estate M ortgages Assumed in Purchase of P ro p e rty ..
Current Liabilities —
• Accounts P ayable_________________________ $2,454,674 83
■ Interest, Taxes, VVages, Rebates, & c., A c■ crucd, Not D ue_________________________
572,803 75
■ Dividends on Preferred Stock, Payable
■ April 15 1911____________________________
139,954 50
• Unpaid Dividends on Preferred S tock ____
940 62

1,383,650 00
228,200 00

3,168,373 70
Total Current Liabilities.................... - ..............................
R eserve—■
For Adjustments of Inventories, Notes and A ccounts Re­
ceivable, & c--------------------------------------------------------------------- 1,630,774 26
Profit and Loss—
5,904,224 90
Surplus..............................................................................................
Total Liabilities.................................................................... $82,395,510 30
N ote.— There Is a Contingent Liability for Notes Receivable discounted
b y Subsidiary Companies amounting to $10,703 8 7 . ......................




W ESTINGHOUSE ELECTRIC & A1ANUFACTURING COMPANY AND
SU B SID IAR Y COMPANIES IN THE UNITED STATES.
Consolidated Statement o f Income and Profit and Loss for the Year
Ended March 31 1911.
Gross Earnings—
Shipments B i l l e d .. .......................................................................$38,119,312 01
Cost of Shipments—
Factory Costs, Including all Expenditures for Patterns,
Dies, New Small Tools and Other Betterments and E x­
tensions: also Inventory Adjustments and all Selling,
Administration, General and Developm ent E x p e n se s.. 32,510,546 87
Net Manufacturing P rofits----------------------------------------------------$5,608,765 14
Other Income—
Interest and D iscount______________________ $272,055 28
Dividends and Interest on Sundry Stocks
615,299 40
and Bonds Ow ned_______________________
Miscellaneous— Royalties, & c_______________
628,177 13 1,515,531 81
Total Incom e________________________________________________ $7,124,296 95
Deductions from Incom e—
Interest on Bonds and Debentures_________$1,076,553 71
Interest on Collateral N otes________________
416,000 00
Miscellaneous Interest______________________
92,933 04
Property and Plant Depreciation Charged
371,668 19
• against Incom e_____ _____________________
Proportion of Expenses Incidental to Bond
• and Note Issues_________________________
76,666 66
■Miscellaneous................................. ................... ..
200,369 37 2,243,190 97
Net In c o m e — Surplus fo r the Y e a r . -----------------------------------------$ 4 ,8 8 1 ,1 0 5 98
P ro fit and L o ss C re d its —

Profit and Loss— Surplus March 31 1910___$5,668,948
■ Prollt on Bonds and Debenture Certificates
■ P u rch a sed_______________________________
5,200
• Adjustm ent of Property and Plant Accounts
■ to Appraised Values______________________
459,399
• Collection of A ccounts Receivable previously
■ written o ff_______________________________
172,335
■ Miscellaneous_______________________________
43,372

23

43
10
75
41

6,349,255 92

Gross Surplus------------------------------------------------------------------------ $11,230,361 90
Profit and Loss Charges—
..................
• Dividends on Preferred Capital Stock—
......................
• For the Current Y ea r____________________
$279,909 00 ......................
Accumulated prior to the Current Y e a r ..
349,886 25 ......................
• Depreciation o f Securities—
......................
■ • The United States Electric
......................
• ■ Lighting Company— S to c k .$431,091 61
......................
• • The
Consolidated
Electric
......................
• • Light Company— Stock and
......................
■ • B o n d s . ................................... 307,121 27
738,212 88 ......................
Difference between direct liability established
for Walker Company Bonds and appraised
sound value of property m ortgaged---------455,084 91
Depreciation of Securities O w ned__________ 2,852,914 91
Reserved for Notes and Accounts Receivable
589,774 05
M iscellaneou s______________________________
355 00

......................
......................
.................
.................
......................
5,266,137 00

Surplus, March 31 1911, per Balance Sheet-------------------------$5,964,224 90

1644

T H E C H R O N IC L E

S h e

© o im n m u il

Jp racs.

COMMERCIAL EPITOME.
F r id a y N ig h t, J u n e 16 1911.
Though no decided change in the state of trade has taken
place, the drift, as measured by bank exchanges and other­
wise, is towards improvement. The crops in the main prom­
ise well, money is still easy, the indications appear to point
to conservatism in tariff revision and there are some slight
indications of betterment in the steel and copper trades.

L A R D has been about steady on the spot; prime Western
here 8.50c., City 7.80c., refined for the Continent 8.70c.,
South America 9.65c., Brazil in kegs 10.65c. Futures have
shown some depression at times, partly owing to large re­
ceipts of hogs at the W est. Y et there have been some evi­
dences of a better cash trade at the current quotations.
D A IL Y CLOSIN G PR ICE S OF LA U D F U TU R E S IN NEW Y O R K .
Sat. M on.
Tues.
Wed.
Thu rs. Frt.
July d eliv ery------------------8.30
8.30
8.25
8.20
8.22
8.20
Septem ber delivery____ 8.50
8.49
8.43
8.42
8.35
8.35
D A IL Y CLOSING P R IC E S OF L A R D FU T U R E S IN CHICAGO.
Sat. M on .
Tues.
Wed.
Thurs. F rt.
8 .2 2 ^ 8.12,Mt 8 .1 7 ^
8.10
8.12 14
July d e liv e ry --------- - . 8 . 2 0
Septem ber deliv ery------ 8.30
8.35
8.25
8.32 ^4 8 22>i 8 27>4

P O R K has continued quiet; mess here $17 7 5 @ $ 1 8 , clear
$15 7 5 @ $ 1 7 and family $18 5 0 @ $ 1 9 50. Cut meats have
been in good demand and firm. Pickled hams 1 4 @ 1 4 j^ c .,
pickled bellies, clear, 1 2 @ 1 3 c ., and pickled ribs l l @ 1 2 c .
Beef in fair demand and steady; mess $12 5 0 @ $ 1 3 , packet
$ 1 3 @ $ 1 3 50, family $ 1 4 @ $ 1 4 50 and extra India mess $ 2 0 @
$20 50. Tallow 5 % c . for City. Stearincs 8 @ 8 } { c . for
oleo and 1 0 @ 1 0 j4 c - for New York lard. Butter firmer on
the better grades, with a fair trade; creamery extras 23c.,
firsts 2 1 @ 2 2 c . Cheese higher, with some speculative de­
mand; State, whole milk, colored, fancy, l l @ l l ^ c .
Eggs,
Western firsts 14|^@ 15c.
O IL .— Domestic linseed in moderate demand and without
quotable change. City, raw, American seed, nominally
9 0 @ 9 1 c .; boiled 9 1 @ 9 2 c .; Calcutta, raw, $1. Cottonseed
has continued dull; winter 6 .9 0 @ 7 .5 0 c ., summer white
6 .6 0 @ 7 .2 0 c .; crude nominal. Cocoanut quiet and steady;
Cochin 834@ S^sC ., Ceylon 8 } > i @ 8 % c .
Corn 5 .9 0 @ 5 .9 5 c .
Olive steady but quiet at 8 8 @ 9 0 c . Lard dull.
Prime
7 3 @ 8 5 c ., No. 1 extra 6 3 @ 7 0 c .
Newfoundland cod 5 7 @
5Sc., domestic 5 4 @ 5 6 c . and firm, with small supplies.
C O FFEE on the spot has been firmer but slow; the jobbing
demand has been fair; Rio No. 7, 12)^c.; Santos No. 4, 1 3 ^
@ 1334c.
Futures have been quiet and rather irregular,
but much of the time firmer, partly in response to higher
foreign markets and bull support. The consumption, how­
ever, has decreased, it is said, during the past year.
Closing prices were as follows:
J u n e -------- 10 .8 5 @ 10.861 S ep t.......... .1 0 .6 4 ® 10.G51December.. 10.45® 10.46
J u l y --------10.88@ 10.89 O ctob er. _10.48@ 10.50 A p r il
.1 0 .4 0 ® 1 0 .4 7
August — 10.80@ 10.82 I N ovem ber. 10.47® 10.48 |May
. .1 0 .4 7 ® 10.48

S U G A R .— Raw receded and then rallied. Louisiana has
complained of dry weather.
London has been steady.
Centrifugal, 96-degrees test, 3.89c.; muscovado, 89-degrees
test, 3.39c.; molasses, 89-degrees test, 3.14c. Refined
still quiet; granulated 5c. Teas in fair jobbing demand with
supplies unusually small and prices steady. Spices quiet;
pimento and pepper firm.
P E T R O LE U M in good demand for export but slow in
other directions. Refined, bbls., 7.25c.; bulk, 3.75c., and
cases, 8.75c. Gasoline, in 100-gallon drums, 1 8 % c .; drums
$8 50 extra. Naphtha,
73@76-degrees, in
100-gallon
drums, 1 6 % c .; drums $8 50 extra. Spirits of turpentine has
continued to decline latterly, selling at 55j^c. Rosin $6 50
for strained, common to good. Hops stronger but quiet;
1910 Pacifies are wanted.
TOBACCO.— Trade has continued quiet, small transac­
tions being the rule. Stocks of desirable binder are rather
light, and holders therefore are firm in their views. Sumatra
tobacco is relatively dull because of the high prices asked.
Cigar manufacturers are operating cautiously, buying only
on a hand-to-mouth basis, because of the lessened demand
for their output, which is ascribed to the fact that the drift
of general trade has as yet shown few signs of broadening.
The outlook for the coming tobacco crop is rather more favable, owing to beneficial rains.
CO PPER has advanced on an increased demand; the con­
sumption is said to have considerably increased in the present
year; greater activity and higher prices for copper stocks are
noted. Lake 1 2 % c ., electrolytic I2 }^ c ., standard 12j^c.
Tin has declined with larger offerings. London “ spot” on
Thursday fell £32 with reported settlement of shorts. The
“ corner” is supposed to have been broken. Spot here
nominally 4 7 j^ c ., June 4
Jul y 4 2 % c . Spelter 5.45c.
Lead 4 j^ c . Pig iron quiet but steady; steel rails are rather
more active. The feeling in the steel trade is more cheerful.
Increased sales of structural steel and wire are noted.




V ol. Lxxxxn.

C O TTO N
F r id a y N ig h t, J u n e 16 1911.
T H E M O VEM EN T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
12,573 bales, against 1 8 ,271 bales last week and 27,726
bales the previous week, making the total receipts since
Sept. 1 1910 8,342,854 bales, against 7,016,451
bales
for the same period of 1909-10, showing an increase since
Sept. 1 1910 of 1,2 81, 103 bales.
Receipts at— ■

M on.

G a lveston ______
Port A rthur____
Texas City, &c__
New Orleans____
G u lfp o r t_______
Mobile ________
Pensacola ...........
Jacksonville, Ac.
Savannah ______
B ru n sw ick _____
C h a rle sto n _____
G e o rg e to w n ____
W ilm in g to n ____
Norfolk _______
N’ port News, &c
New Y o rk ______
B o s t o n _________
Baltimore _____
Philadelphia____
Totals this w eek.

Tues.

Thurs.

Total.
1,063

65
6
531

577

367

2,118

956

115

" i

" ‘I

2

2

"1 2

"2 4

884

216

372

291
2,782

"1 6

‘ ""2

1,396

l',425

" io i
9

125
25

A 56
20

732
143

" l2
"576

174
265
576

2,874

12,573

291
688

8

Too
52

102
15

148
22

153
28

1,1321

" 6
23

2,652

3,504

1,485

4", 198

The following shows the week’s total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
last year:
Receipts to
June 16.

1910-11.

1909-10.

This Since Sep
Week.
1 1910.

This Since Sep
W eek. 1 1909.

Stock.

1911.
1910.
1,963 2,731.954
4,724 2,455.715
13,975
43,224
___ 206,943
142,281
___ 360,083
72,058
4,198 1,559,683
7,802 1,259,092
77,072
77,312
_
34,21 1
8,264
24 249,522
282 241,638
3,091
4,408
_
122,678
136,985
25,218
291
39,365
2,782 1,408,877
4,533 1,319,131
15,649
26,280
___ 222.634 2,984 229,426
714
6,365
171 208,413
1,425 285,026
7,810
4,671
___
1,436
1,376
732 409,117
554 .311,922
1,000
8,221
143 557,714
1,258
502,175
10,314
8,962
3,924
18,441
174
13,987
546
22,792
121,628
153,902
265
37,910
206
13,615
8,750
4,589
576
111,572
619
76,966
2,921
5,501
.365
100
1,796
3,333
1,055
.........
T o ta l_________
12,573 8,342,854 23,779 7,061,451
266,257
344,586
N ote.— As revision of receipts since Sept. 1, there has been added this
week 14,072 bales at New Orleans, 1,336 bales at Galveston, 1,023 bales
at Charleston.
G alveston_______
Port A rthur____
Texas City, &c.
New Orleans___
Gulfport _______
M o b i l e _________
P ensacola_______
Jacksonville, &c.
Savannah......... ...
B run sw ick______
C harleston______
Georgetown ___
W ilm ington ___
N orfolk _________
N ’ port News, &c.
New Y o rk ______
B o s t o n _________
Baltim ore_______
P h ila d elp h ia ____

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at—

1911.

Galveston __
Pt. Arthur, &o.
Now Orleans.
M o b ile ______
Savannah . .
B runsw ick. _
Charleston, Ac
W ilm in gton ..
Norfolk .........
N ’port N., Ac
All others__ _
T otal this w k .

1910.

1909.

1908.

1,963

4,724

9,840

16,855

4,198
24
2,782

7,802
282
4,533
2,98 l
171
554
1,258

6,903
997
3,813

15,117
1,028
7,903
237
1,675
4,582

1,425
732
143
1,306

1,471

924
240
3,536
368
0,762

12,573

23,779

33,383

1907.
6,779
28
0,294
126
4,113

1906.
10,475

959

18
57
2,258
298
5,417

6,809
769
9,172
107
458
1,011
2.127
108
537

48,356

25,388

31,573

Since Sept. 1. 8,342.854 7,061,451 9,640,610 8,012,803 9,573,976 7,544,691

The exports for the week ending this evening reach a total
of 33,488 bales, of which 7,860 were to Great Britain,
9,763 to France and 15,860 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1910:

Exports
from—

Week ending June 16 1911.
Exported to—

Great |
j ConliGreat |
■Conti- i
Britain. F t 'nee. nent. ! Total. \Britain. FranceJ nent.

Galveston___
J
Port Arthur.. J
___ i
Texas City, Ac
New Orleans.. 2,537
2,232
Mobile______
'
Pensacola___ :
G ulfport____
Savannah ___
Brunswick___
Charleston----Wilmington__
N orfolk_____
Newport News
New York___
669.
Boston ______ 1,163
Baltimore----Philadelphia.. 1,259
Portland, M e.. .
San Francisco. .
S e a ttle ................
Tacom a........ - .
Portland, Ore. .
Pembina------- .
Detroit..................
Total

From Sept. 1 1910 to June 16 1911.
Exported to—

___ ;

3,084

____j
74)54 4,418
1,745
...J
___ I

969

7,960

3,084

Total.

952,033 300,933 l
44,898 54,069
212,816 56,933
363,082 143,1671
68,639 42,764
55,080 30,595
6,271 19,338
320.667 111,600
104,133,
18,832; 9,900
137,871; 32,015
10,801;

067,794 5320,760
107,076 206,943
33,424 303,173
426,262 ,433,411
71,398 182,851
37.103 122,778
8,002
34,211
456,221 891,488
78,325 182,458
97,351 126,083
213,226 383,112
4,819
15,620

292,
100,
21,
49,

2825194 666*684
8,560 109,296
71,5711 101,809
15,701'
65,696
669
84,155
84,155
44,553
44,553
11,843
11,843
500
500

2,627,

92,021
X]'27(

.

"if, 627

7,8601 9,768| 15.800 33,4883.264,244 905,4953,120,8817,290,020

Total 1909-10. 48,230 4,500 21,743 74,473 2,262,894 870,045 2^615,534 5,758ll73

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared,at the ports named. W e add similar figures fo rN . Y .

T H E C H R O N IC L E

June 17 1911.1
On Shipboard, Not Cleared for—
Great
Britain. France

June 16 at—
New Orleans.
Galveston — .
Savannah . . . .
C harleston-----Mobile ........ ..
N o r fo lk ------. .
New Y o r k -----Other p o r t s ...

2,326

1,666
500

3,826
Total 1 9 1 1 ..
Total 1910. _ 24,929
Total 1 90 9 .. 32,084

Ger­
Other Coast­
many. Foreign wise.

3,340

408
1,537

____

____
1,862

100
—
3,440
5,152
13,612

1,700
—
5,507
6,888
10,402

4,455
102
1,423

1,000
—
6,980
8,660
28,805

Total.

359
842

10,888
2,481
1,423

5,500

1,862
5,500
3,800
500

—
6,701
0,984
10,160

lea vin g
Stock.

26,454
52,619
95,069

66,184
11,494
14,226
7,810
1,229
4,814
117,828
16,218

Fftlr.................... c . 1.50 on I Middling.............c . Basis
Strlci raid, fair___ 1.30 on Strict low. raid------ 0.25 off
Middling fair........ 1.10 on |Low middling.......... 0.75 off
Strlc good mid___ 0.00 on IStrict good ord------1.20 of!
Goon middling__ 0 44 on IGood ordinary.......... 2.00 off
Strict middling__ o 22 on Strict g’d raid, tgd.0.35 on

Good raid, tinged.c Even
Strict mid. tinged..0.15 off
Middling tinged__ 0.25 off
Strict low.Mld.tlng.0.75 off
Low raid, tinged__ 1.75 off
Middling stained__ 1.00 ofl

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 10 to June 10—
Sat.
Middling uplands_____________ 15.90

NEW
191 1 e
1910.
1909.
1908
1907
1906
1905.
1904

.

YORK

Mon.
15.90

Tucs.
15.90

W ed. Tltttrs.
15.80 15.651

Pri.
5.00

Q U O TATIO N S FO R 32 Y E A R S .

15.60 10 03 _c . ___ 12.40
. . 9.38
1 9 0 2 ....
. . 8.38
1 1.40 1901 . . .
11 .75 1 9 0 0 ...
. . 9.06
. 6.31
,12.90 1 8 9 9 ...
. 6.56
.11.20 1898.. .
9.15 1897. .. ____7.75
.12.00 1 8 9 6 ... . . . 7.75

1895.C. ____7.19
1 8 9 4 ... ____7.31
1 8 9 3 ... ____8.06
1 8 9 2 ... ____ 7.44
1891_ . . ____8.44
1 8 9 0 ... ___ 12.25
1889 .
11.12
1 8 8 8 ... ____10.19

1887
1886
1885
1884
1883
1882.
1881
1880.

C ...... .11.25
........... 9.12
______ 10.56
. . I I .56
______ 10.56
______ 12.19
.
11.06
______ 12.00

M A R K E T A N D SALES AT N E W Y O R K .
Spot Market
Closed.
S aturday. . .
M onday____
T u e s d a y __
W ednesday.
Thursday . .
F rid a y _____

Quiet
Quiet
Quiet
Quiet,
Quiet,
Quiet,

---------------------------------------....... .................
10 pts. d e c ..
15 pts. d e c ..
5 pts. d e c ..

T o t a l___




Futures
Market
Closed.
S tea d y ........... ....
S tea d y________
Barely s te a d y ..
Barely s te a d y ..
S teady________
Irregular______

SA L E S
Spot.

Contr’ct Total.

....
____
____
____
____

'zo o

____
____
____
—
200

F U T U R E S .1— The highest, lowest and closing prices at
New York the past week have been as follows:

88

”200
____
____
—
200

8 5 I aSs ' SS I 2 B 9S
05 0 5

Og

0 5 05

I©

05 Z i

|©

bb
©o
I®

05 05

05 05

oo oo

bb

0505

05 05
*4 0

©

I

I©

I©

0505

0505

Ci b
* 4 05

C IO
Cl

0 5 05

05 05

I©

05 05

05 05

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239,803
291,967
344,276

Speculation in cotton for future delivery has been fairly
active at irregular prices, advancing sharply at one time and
then recoiling violently. Some influential interests are
bearish in their convictions. It is pointed out that whatever
crop deterioration has occurred has been from a high condi­
tion as set forth in the Government's June report, which, it is
worth while to recall, was 8 7 .8 % , as against a 10-ycar average
of 8 0 .9 % . The acreage, too, is the largest ever known,
i. e., estimated at 37,581,022, an increase of 0 .2 2 % over the
previous high record area of 35,379,358 acres. Cotton
already up, it is said, is not much if at all injured by the re­
cent dry weather, either east or west of the Mississippi River.
The labor supply is ample and cultivation under the stimulus
of existing high prices is very thorough. Meantime curtail­
ment of production is as persistent as ever, i. e., about 2 5 %
in New England and fully that, it appears, at the South.
Bull liquidation was a feature on Wednesday and Thursday.
Among the bullish factors, on the other hand, was the ad­
verse weekly weather report of the Government issued on
Tuesday. For three weeks in succession it has been unfav­
orable, reporting in substance a markedly deficient rainfall
and a notable excess of temperature. Texas has had a
maximum heat of 108, Oklahoma 107, Arkansas, Louisiana,
Mississippi, Georgia and South Carolina 104, Alabama and
North Carolina 103 and Tennessee 100. A private report
puts the total precipitation in Texas for the month of May
at 14.54 incites, against 36.49 inches in May last year, the
normal for the State in this report being placed at 38.03
inches. Some reports have asserted that deterioration
of the plant is noticeable west of the Mississippi,
owing
to
prolonged
dry
and
hot
weather.
It
in
is also claimed that the boll-weevil is active
of
Mississippi,
Louisiana
and
Arkansas,
parts
though not much is heard of the pest elsewhere. Large spot
interests have bought now-crop months. So, it appears, have
spinners. Chicago, Memphis, New Orleans, Texas and
New York operators have also bought those months. Some
who have achieved a ceratin celebrity through their success
on the bull side of the old crop months have apparently
taken the “ long” side of the new crop on the theory that the
raising of an adequate crop is problematical. For a time
recently everybody was buying; everybody seemed to be a
bull. The short interest was frightened out of the market.
W hat is termed the “ technical position” thus became weaker.
Heavy liquidation of July has been a feature; it fell 32 points
on Thursday. Some think the new-crop months were ad­
vanced by old-crop bulls for the purpose of selling July, and
possibly August, to better advantage. To-day prices ad­
vanced, owing to the fact that the predicted rains in the
Southwest turned out to be very small and that renewed
buying set in for both sides of the account. But pressure to
sell July was another serious clog on the market. Liquida­
tion in July was heavy both here and in New Orleans. It
has been in progress for some weeks past. Temperatures
continued high in Texas, Oklahoma, Louisiana, Arkansas,
Mississippi, Alabama, Georgia and Tennessee, i. e., maxima
o f? 102 to 100. Spot cotton has declined to 15.60c. for
middling uplands, a loss of 30 points for the week.
The rates on and off middling, as established Nov. 16 1910
by the Revision Committee, at which grades other than
middling may be delivered on contract, arc as follows:

1645

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I

T H E V IS IB L E S U P P L Y OF COTTON to-night, as
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week's returns, and
consequently all foreign figures are brought down to Thurs­
day evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
June 16—
Stock at L iverpool_____
Stock at London ______
Stock at Manchester . . .

1911.
750.000
9,000
74,000

1910.
1909.
528.000 1,149,000
4,000
7,000
50.000
80,000

1908.
607.000
9.000
66,000

T otal Great Britain s to c k _____
Stock at H am burg______________
Stock at Bremen ______
Stock at H avre__________________
Stock at Marseilles_________
Stock at B a rce lo n a _____________
Stock at Genoa........ ..................
Stock at T rie s te ....................

833,000
12,000
136,000
196,000
2,000
20,000

582.000 1,236,000
11.000
10,000
354.000
202,000
268.000
191,000
3.000
4.000
34.000
11,000
36.000
16,000
6.000
8.000

682.000
21,000
371.000
175.000
5.000
43.000
41.000
28.000

.

391,000

442,000

712,000

684,000

17.000
8,000

Total European stocks......... .. 1.1,224,000 1,024,000 1,948,000 1,366,000
154,000
84,000
79,000
India cotton afloat for E urope__. 18 1,000
202,036
193,000
Aracr. cotton afloat for E u ro p e .., 152,935
187,866
32,000
32,000
8,000
Egypt,Brazll,<S:c.,aflt.for E urope..
29,000
131,000
133,000
87,000
Stock In Alexandria, E g y p t____ . 112,000
708,000
426,000
526,000
Stock In B om bay, In d ia ............. . 588.000
278,353
439,345
344,586
Stock In U. S. p o r t s .................... . 266.257
208,839
214,695
197,108
.Stock In U. S. Interior tow ns___ . 154,265
24,084
8,386
U. S. exports to -d a y ___________ .
884
286
.2,711,341 2,710,846 3,480,462 2,845,285
an and other descriptions are as follows:

Am erican—
L iverpool stock __________________.
Manchester stock _____________ .
Continental s to ck ................................
Am erican afloat for E urope_____.
U . S. port stock s_______ ________.
.
U. S. Interior stocks_____________
_
U. S. exports to -d a y ______

615,000
59,000
338,000 .
152 935
266 257
154,265
154,265
884

436,000 1,046.000
65,000
41,000
654,000
392,000
187,866
202,036
344,586
439,345
197,108
214,695
8,386
286

489,000
59,000
589,000
193,009
278,353
208,839
24,084

.1.586,341
1.586,341 1,598,846 2,629,462 1,841,285
T otal A m e r ic a n _________
East Indian, Brazil, Ac.. 135,000
92,000
103,000
118,000
Liverpool stock ____________
4,000
.
9,000
9,000
7,000
London stock _____________
.
15,000
7,000
Manchester stock __________
9,000
15,000
95,000
.
53,000
50,000
Continental s to ck --------------58,000
84,000
79,000
India afloat for E u ro p e .................. 184,000
154,000
32,000
32,000
.
29,000
8,000
E gypt, Brazil, A c., a flo a t..
133,000
131,000
. 112,000112,000
Stock In Alexandria, E g y p t_______________
87,000
426,000
526,000
708,000
Stock In B om bay, I n d ia ................ 588,000
851,000 1,004,000
.1,125,000 1,112,000
.1,586,341 1,598,846 2,629,462 1,841,285
.2,711.341 2,710,846 3,480,462 2,845,285
8.27 1.
8 ,09d.
6.70d.
Middling Upland, L iverpool.
5.96d.
12.20c.
Middling Upland, New Y ork ____. 15.60c.
15.05c.
11.40c.
E gypt, Good Brown, L I v e r p o o L.11
.il 5-16d.
14 H d.
9d. 8 9-16d.
8d.
9.50d.
Peruvian, Rough Good, Liverpool1 "11,25d.
* '
ll.OOd.
7d.
9 5-16d. 5 1 l-1 6 d .
Broach, Fine, L iverpool___
.
7 H d.
5«d .
7d.
Tinnevelly, G ood, L iverpool____5 H d.
7^d.

Continental imports for the past week have been 88,000
bales.
The above figures for 1911 show a decrease from last week
of 133,115 bales, a gain of 495 bales over 1910, a de­
crease of 769,121 bales from 1909, and a loss of 133,944
bales from 1908.

T H E C H R O N IC L E

1646

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year— is set
out in detail below.
©
co^

O*COt-h0_CMri
CMt>CD hJjCOiCoC'Oi-rtO lOCS^r
'fHiOO to ^ COOi CO CO CMCOO CM COCO OrHOr
CMCMCOMO iO ihMO h OM c: O h O O O ^ oOSOO»0 1(0
o ^ o o ir^cocit^oocct^ot^r^oooooocciiot^ i
CMCOCM'T U" I rJrfMfiHH H<Olfl(OH^COO f** ' lO
OOOoCOOO’TN'fO'fiOrtOOHM^OCOCPOOHOOOOOOCONcO

Week ending
June 16.
Galveston . . . .
New O r le a n s ...
M o b ile _________
Savannah -------Charleston-------W ilm ington____
N o r fo lk _______
B a ltim o re _____
P hiladelph ia___
A ugusta-----------Memphis _ ____
St. Louis______
H o u s t o n ______
Little R o ck ____

[V O L . L X X X X I I .
Closing Quotations Jor Middling Cotton on—
Sal'day. Monday. Tuesday. Wed' day. Thursd'u. Friday.
15 7-16
15 7-16
15 %
15%
15 %

15 7-16
15 7-16
15 %
1534
15 %

15 7-16
15 7-16
1 5 ‘A
15 %
15%

15 7-16
15 7-16
15%
15 %
15%

15%
15 %
15%
15%
15%

15 %
15 5-16
15%
15%
15%

15 %
16
16.15
15 %
15 5-16
15 %
15 %
15

15 %
16
16.15
15 %
15 5-16
15%
15%
15

15%
16
16.15
15%
15 5-16
15%
15^
15

15%
16
16.05
15%
15 5-16
15%
15 5-16
15

15%
15%
15.90
15%
15 5-16
15%
15 5-16
15

15%
15%
15.85
15%
15 5-16
15%
15%
15

0 5 r - r H l '. M r H i O O O O o C M C O ^ M T H i O ' r M ' 'C O J O i O ( O O C 5 0 ' ,f O r - u O M C ' I O
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100 10500050
TJ1 O 1(0

N E W O R LE A N S O P TIO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat'day, Monday, Tuesday, Wed’ day Thursd’u, Friday,
June 10. June 12. June 13. June 14. June 15. June 16.

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June—
R a n g e ___
Closing___
July—
Range ___
Closing___
August—
Range ___
Closing___
September—
R a n g e ___
Closing___
October—
Range ___
Closing___
November—
R a n g e ___
Closing___
December—
Range ___
Closing___
January—
Range ___
Closing___
February—
R a n g e ___
Closing___
March—Range ___
Closing—
Tone—
Spot ____
Options . .

— @ — — @ — 15.43 — — @ — — @ — — @ —
15.37 — 15.42 — 15.39 — 15.28 — 15.10 — 15.07 —
15.51-.54 15.56-.61 15.53-.60 15.42-.60 15.20-.43 15.15-.28
15.54-.56 15.59-.60 15.54-.55 15.42-.43 15.23-.25 15.19-.20
14.64-.75 14.72-. 83 14.75-.83 14.60-.76 14.42-.56 14.44-.57
14.68-.69 14.82-.83 14.75-.76 14.60-.62 14.48-.49 14.50-.51
13.67-.75 13.80-.90 13.83-.88 13.68-.79 13.52-.60 13.60 —
13.68-.70 13.88-.90 13.83-.85 13.67 — 13.58-.60 13.66-.68
13.39-.50 13.5l-.65 13.58-.66 13.40-. 59 13.24-.37 13.33-.67
13.41-.42 13.64-.65 13.58-.59 13.41-.42 13.31-.32 13.43- .44
— @ — — @ — — @ — — @ — — @ — — @ —
13.40 — 13.63-.65 13.58-.60 13.4l-.43 13.31 — 13.42 —
13.37-.43 13.50-.65 13.56-. 65 13.40-. 57 13.2 5-.34 13.32-.45
13.39-.40 13.64-. 65 13.57-.58 13.40-.41 13.30-.31 13.42-.43
13.43-.48 13.55-.68 13.62-.67 13.49-.57 13.29-.38 13.38-.50
13.42-.43 13.67-.68 13.62-.63 13.44-.45 13.34-.35 13.47-.48
— @ — — @ — — @ — — @ — — <a — — @ —
13.46 —- 13.71-.73 13.66 — 13.46-.48 13.38 — 13.51 —
— @ — 13.67-.76 13.72-.77 13.54-. 64 13.41-.47 13.54 —
13.52-.54 13.77-.79 13.73-.74 13.54-. 55 13.45-.47 13.57-. 58
Steady.
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Steady. Very sty. Steady. Ba'ly s’ y Ila’ ly s’ y Steady.

W E A T H E R R EP O R TS B Y T E L E G R A P H .— Advices to
us by telegraph from the South this evening indicate that
where rain has fallen the precipitation has been very light
as a rule, and over a large portion of the belt dry weather
has prevailed. Reports of the crop, however, are as a rule
favorable, but from some sections there are complaints that
rain is needed.
The above totals show that the interior stocks have de­
G alveston , T e x . — W e have had no rain during the week.
crea sed during the week 14,753 bales and are to-night 42,843
The thermometer has averaged 87, the highest being 98 and
bales less than at the same time last year. The receipts the lowest 76.
at all the towns have been 4,404 bales less than the same
B ren h a m , T e x . — There has been no rain the past week.
week last year.
The thermometer has averaged 86, ranging from 71 to 100.
C u ero , T e x . — W e have had no rain the past week. The
O V E R L A N D M O VEM EN T FO R T H E W E E K A N D
thermometer has ranged from 67 to'104, averaging 86.
SINCE SEPT 1.— We give below a statement showing the
D a lla s, T e x . — Rain has fallen on one day during the week,
overland movement for the week and since Sept. 1, as made
to the extent of forty-five hundredths of an inch. Average
up from telegraphic reports Friday night. The results for thermometer 87, highest 108, lowest 65.
the week and since Sept. 1 in the last two years arc as follows:
H en rietta , T e x . — It has been dry all the week.
The ther­
------- 1910-11------------- 1909-10------June 16—
Since
Since mometer has averaged 85, the highest being 107 and the
Shipped—
Week.
Week.
Sept. 1.
Sept. 1. lowest 63.
Via. St. Louis____
_______
. 3,905
4,693
410,085
507,091
H u n tsv ille, T e x . — W e have had no rain during the week.
• Via C a iro ________________________
911
1,008
174,713
206,102
Via R ock Island_________________
20,315 The thermometer has averaged 83, ranging from 64 to 101.
25,957
357
Via L ou isv ille_____ ____________
655
111,999
129,386
K c r r v ille , T e x . — These has been no rain the past week.
Via C in cinnati.. ----------- ---------435
126
46,007
78,669
806
Via Virginia points_______________
874
132,342 The thermometer has ranged from 62 to 100, averaging 81.
173,920
Via other routes, & c-------- .
—
987
1,036
168,086
150,613
L a m p a s a s , T e x . — Dry all the week.
Average thermometer
Total gross overland_________ . 7,401 1,289,193
8,392 1,046,074 86, highest 105, lowest 66.
Deduct Shipments—
L on g v ie w , T e x . — It has been dry all the week.
The ther­
Overland to N. Y ., Boston, &c — 1,015
163,834
1,471
115,169
Between Interior tow ns________
598
60,624
1,889
50,987 mometer has averaged 85, the highest being 106 and the
Inland, & c., Irom S outh. ---------- 1,909
50,710
121
61,359 lowest 64.
L u lin g , T e x . — W e have had no rain during the week. The
Total to be d ed u cted -------------------- 3,522
275,168
3,481
236,515
thermometer has averaged 87, ranging from 72 to 102.
Leaving total net overland* — 3,879 1,014,025
4,911
809,550
N a cog d och es, T e x . — Dry all the week. The thermometer
* Including m ovem ent b y rail to Canada.
has ranged from 61 to 100, averaging 81.
P a le s tin e , T e x . — W e have had no rain during the past
The foregoing shows the week's net overland movement
has been 3,879 bales, against 4,911 bales for the week last week. Average thermometer 84, highest 100 and lowest 68.
P a r is , T e x . — Dry all the week. The thermometer has
year, and that for the season to date the aggregate net over­
averaged 84, the highest being 103 and the lowest 65.
land exhibits an increase over a year ago of 201,400 bales.
S a n A n to n io , T e x . — There has been no rain the past week.
-1910-11Since
In Sight and Spinners'
Since The thermometer has averaged 85, ranging from 70 to 100.
Week.
Sept. 1.
Sept. 1.
Takings.
Week.
W ea th erford , T e x . — Rain has fallen lightly on one day of
23,779 7,061,451
Receipts at ports to June 16_______12,573 8,342,854
4,911
800,559 the week, the precipitation being three hundredths of an inch.
Net overland to June 16__________
3,879 1,014,025
42,000 2,053,000
South’n consum ption to June 16, - 48,000 1,955,000
The thermometer has ranged from 66 to 107, averaging 87.
70,690 9,924,010
A rd m o r e , O k la . — We have had no rain during the week.
Total m arketed............................. 64,452 11,311,879
113,945 Average thermometer 84, highest 105 and lowest 63.
Interior stocks In excess_________*14,753
103,487 *18,141
M a rlo w , O k la . — Dry all the week. The thermometer has
52,549
10,037,955 avreaged 83, the highest being 103 and the lowest 65.
T otal In sight June 1 6 ____________ _____ 11,415,366
O klahom a, O k la . — There has been rain on one day the
15,264 2,041,948
N orth’ll splnn’s takings to June 16 16,489 2,058,253
past week, to the extent of five hundredths of an inch. The
Movement into sight in previous years:
thermometer has averaged 82, ranging from 64 to 100.
Week—
Bales.
Bales.
S tn ceS ep t. 11909— June 18........
76,765 1908-09— June
T u ls a , O k la . — It has been dry all the week. The thermo­
1.............. 13,080,899
1908— June 20........
.75,764 1907-08— June
)_______ 10,866,58 1 meter has ranged from 58 to 105, averaging 81.
1907— June 21-----------..5 7 ,1 7 6 1906-0712,985,462
A le x a n d r ia , L a . — Dry all the week.
Average thermometer
1906— June 22-----------..6 9 ,7 7 7 1905-0610.501,338
80, highest 100, lowest 59.
Q U O TATIO N S FO R M ID D L IN G COTTON A T O T H E R
A m ite , L a . — We have had rain on one day during the week,
M A R K E T S .— Below are the closing quotations of middling the rainfall being sixty hundredths of an inch. The thermo­
cotton at Southern and other principal cotton markets for meter has averaged 81, the highest being 100 and the low­
each day of the week. . . . . . . . . . : : . ; . y; y: y-yyfrvfr
yyv •< est 62,: v : : ; : : . ;
.;.;:
: ; ; ;:
•/ : : : : : : : : :




J une

N ew O rlea n s, L a .— 'There has been no rain during the past
week. The thermometer has averaged 87, ranging from
70 to 08
S h rev ep o rt, L a .— Dry all the week. The thermometer has
ranged from GO to 101, averaging S3.
, .
M e r id ia n , M i s s — W e have had rain on one day during the
past week, to the extent of ten hundredths of an inch. Aver­
age thermometer 78, highest 98, lowest 60.
V ick sb u rg , M i s s — We have had no rain during the week.
The thermometer has averaged 84.5, the highest being 98
a n d the lowest 69.
. , .
.
Y a z o o C ity , M iss.— There has been no rain during the past
week. The thermometer has averaged 79, ranging from
F o r t S m ith , A r k — W e have had no rain during the week.

The thermometer has ranged from 60 to 102, averaging 81.
H ele n a , A r k — Crops here need rain, but there has been
moisture a few miles east and west. The first bloom was
received on Wednesday. W e have had no rain since May
29th. Average thermometer 79, highest 99 and lowest 60.
L ittle R o c k , A r k . — Dry all the week but cotton seems to
hold its own. The thermometer has ranged from 68 to 100,
averaging 84.
M e m p h is , T e n n . — Dry and hot all the week,
lh e crop
needs moisture. First bloom received to-day from Crit­
tenden County., A rk., three days later than average date.
The thermometer has averaged 82, ranging from 67 to 96.
N a s h v ille, T e n n .— It has been dry all the week. The
thermometer has ranged from 62 to 98, averaging 80.
M o b ile , A la b a m a . — The abnormal heat continues.
Crop
reports are less favorable; rain is needed. W e have had rain
on one day during the past week, to the extent of eight hun­
dredths of an inch. Average thermometer 84, highest 96,
lowest 72.
. . . . . . .
M o n tg o m e r y , A la b a m a — Cotton is doing well, but more
rain will be needed soon. There has been rain on one day
during the past week, the precipitation reaching twenty-hve
hundredths of an inch. The thermometer has averaged 85,
the highest being 97 and the lowest 66.
.
,,
S elm a , A la b a m a .— llain has fallen on one day during the
week, the rainfall reaching seven hundredths oj an inc .
The thermometer has averaged 84, ranging from 66 to .)•).
M a d is o n , F lo r id a . — Dry all the week.
Average ther­
mometer 82, highest 96, lowest 68.
.
A
,
T a lla h a ssee, F lo r id a .— W o have had rain on two days
during the week, the rainfall reaching nine hundredths of an
inch. The thermometer has averaged 83, the highest being
97 and the lowest 70.
,
, ,,
,
A u g u s ta , G e o r g i a — Rain has fallen on one day of the week,
to the extent of eight hundredths of an inch,
lh e ther­
mometer has ranged from 65 to 98, averaging 81.
S a va n n a h , G eo rg ia . — There has been no rain during the
week. Average thermometer 80, highest 97 and lowest 04.
W a sh in g to n , G eo rg ia . — W e have had rain on one day
during the week, the rainfall reaching two inches and thirtyfive hundredths. The thermometer has averaged 80, the
highest being 100 and the lowest 60.
C h a rleston , S ou th C a r o lin a .— W o have had rain on one day
during the week, the precipitation reaching three hundredths
of an inch. The thermometer has averaged 80, ranging
from 65 to 95.
G reen ev ille, S ou th C a r o lin a .— We have had rain on one day
during the past week, to the extent of forty-six hundredths
of an inch. Average thermometer 77, highest 97, lowest 58.
F lo r e n c e , S ou th C a r o lin a .— W e have had rain on one day
during the week, the rainfall reaching two inches.
Inc
thermometer has averaged 80, the highest being 101 and the
lowest 59.
,
,
.
C h arlotte, N orth C a r o lin a .— There has been only a trace of
rain during the past week. The thermometer has aveiaged
7 8 , the highest being 98 and the lowest 63.
R a leig h , N o rth C a r o lin a .— W e have had rain on three days
the past week, the rainfall being twenty-two hundredths of
an inch. Average thermometer 80, highest 100, lowest 60.
. A L E X A N D R IA RECEIPTS A N D SH IP M E N TS.
Alexandria, Egypt,
June i 4 .

1910-11.

Receipts (oantars)—
This week ..............

Exports (bales) —
To
To
To
To

L iv erp ool------------- _ _
Manchester — — _
Continent --------------A m erica--------------------

1647

T H E C H R O N IC L E

17 1911.!

9,000

3,000
4,890,782

1

5,500
0,000.452

Since
This
Week. Sept. 1.

Since
This
Week. Sept. 1.

Since
This
Week. Sept. 1.

207,531
214,497
378,767
117,217

147,273
1,750 118,300
1,500 282,979
59,029

4.250 184,487
7.250 203,019
8,000 332,618
5,000 84,011

3,000
4.500
2,760
3.500

E U R O P E A N COTTON CONSUM PTION TO JUN E 1.—
By cable to-day we have Mr. Ellison’s cotton figures brought
down to June 1. W e give also revised totals for last year
that comparison may be made. The spinners’ takings in
actua l bales and pounds have been as follows:

Por 19 1 0 -1 1 .
t ,
7.387.000
4.405.000
2.982.000
Takings b y spinners----------bales
488.4
478
504
Average weight of bales--------lbs
Takings In p ou n ds-------------------- 1.502.928.000 2.105.590.000 3.608.518.000
Por 1 90 9-1 0.
, ,
6.472.000
4.093.000
2.379.000
Takings b y spinners--------- bales
477.7
470
491
Average weight of bales--------lbs
1.168.089.000 1.923.810.000 3.091.899.000
Takings In pounds-----

According to tne aoove, um avwagc yvoiSih< ^
eries in Great Britain is 504 lbs. per bale this season, against'
491 lbs. during the same time last season. The Continental
deliveries average 478 lbs., against 4 /6 lbs. last year, and for
the whole of Europe the deliveries average 488.4 lbs. per bale,
against 477.7 lbs. last season. Our dispatch also gives the full
movement for this year and last year in bales of 500 lbs.




1909-10.

1910-11.
Oct. 1 to June 1.
Dales of 500 lbs. each.
000s omitted.

Great ContiTotal. Britain nent.

ContiBritain nent.

Total.

1,141
7,217

234
2,336

1,218
3,848

1,452
6,184

Spinners' stock O ct. 1.
Takings to June 1 -------

169
3,006

972
4,211

Supply --------------------Consumption, 35 weeks

3,175
2,518

5,183
3,675

8,358
6,193

2,570
2,275

5,066
3,675

7,636

Spinners’ stock June 1 - -

657

1,508

2,165

295

1,391

1,688

60
70
74
74
74
74
74
74

105
105
105
105
105
105
105
105

165
175
179
179
179
179
179
179

65
65
65
65
65
65
65
65

In
In
In
In
In
In
In
In

Weekly Consumption.
000s omitted.
O c t o b e r ......... .............N o v e m b e r----------------D ecem ber......................
January --------------------February ------------------March ---------------------April -----------------------M a y ----------------------------------

170
105
170
105
170
105
170
105
105 ■ 170
105 • 170
170
105
170
105

W O R L D ’S SU P P L Y A N D T A K IN G S OF C O TTON .
1909-10.

1910-11.

Cotton Takings.
Week and Season.

Season.

Week.

Season.

Week.

2,843,876

2,844,456

Visible supply June 9 ----Visible supply Sept. 1 -----American In sight to June 16 —
B om bay receipts to June 15. Other India shlp’ ts to June 15
Alexandria receipts to June 14
Other supply to June 14*------

1,495,514
49,699 11,415,366
46,000 2,286,000
355,200
6,000
1,000 1,007,000
267,000
4.000

1,931,022
52,549 10,037,955
35.000 3,046,000
413.000
11.000
653.000
226.000
i o ’,666

2.951,155 16.826,080 2,952,425 16,306,977

T otal su p p ly--------------Deduct—
Visible supply June 16 - . .

2,711,341

2,711,341 2,710,846

239.814 14,114,739
163.814 10,622,539
76,000 3,492,200

T otal takings to June 16Of which American —

2,710,846

241.579 13,596,131
169.579 9,893,131
72,000 3,703,000

* Embraces receipts Id Europe from Brazil, Sm yrna, W est Indies. &c

IN D IA COTTON M O VEM EN T FROM A L L PO R TS.

Since
Sept. 1.

Week.

1908-09.

1909-10.

1910-11.
June 15.
Receipts at—

I Since
Week. Sept. 1.

Since
Sept. 1.

Week.

46,000 2,286,000 35.00013,046,000 29,000 2,014,000

Bombay -

Since September 1.

For the Week.
Exports
from—

Bombay—
1910-11­
1909-10­
1908-09-Calcutta—
1910-11­
1909-10.
1908-09Madras—
1910-11­
1909-10­
1908-09All others—
1910-11-­
1909-10..
1908-

-_! 30,000

3,000 27,000
-,000

1,000

1,000
2,000

1,000
1,000
Y.666
09-

Total all—
1910-11 19091908-09.-

5,000
9,000!
-

Japan I
& China.

Great 1 Conti­
nent.
Britain.

Great Conti- I Japan
Britain: nent. &China Total.

1
56,000 836.000
92,000, 910.000
21,000 548.000

513.0001.405.000
816.0001.818.000
608,0004,177,000

1 ,000 ; 3,000

3,000.
3,000
5,000!

33.000
37.000
38.000

18,000
46,000,
31,000

54.000
86.000
74,000

)

8,000
4,000!
4,000,

18,000
15.000
19.000

200
1,000
9,000

26,200
20,000
32,000

2,000

........
6,000
........
9.000
----- 0 22,000j

12,000! 275,000
8,000, 307,000
55,000, 314,000

39,000. 224.000
24,000; 275.000
17,000,

36,000 106,0001,111.000 543,2001,760,200
4,000 82 000
16 000 12*666 28 000 123,0001,237,000 871,0002,231,000
10.­ 21
000
28
000
52 000! 47.000, 847,000 703,0001,597,000
3",666

M A N C H E STE R M A R K E T .— Our report received by cable
to-night from Manchester states that the market is quiet for
both yarns and shirtings.
Merchants are buying very
snarindv W e give the prices for to-day below and leave
,f
P J '______ t v > l a n n f l I n s t , v p . n r for eomnarison.

3,250 607,581 24,500 804,165
Total exports------------- 13,750 918,012
N ote.— A cantar Is 99 lbs. E gyptian bales weigh about 750 lbs.

FIR ST BALES OF N E W C O TTO N .— The first bale of
new cotton of the season 1911-12 was shipped from Riviera,
Nueces County, Texas, June 9, to Houston. A bale from
Cameron County was received on the Houston Cotton E x ­
change June 12, making part of the journey on a special
train because it was reported other “ first bales” were en route
for the Exchange. The cotton was sold at $2 05.84 per
pound, the total weight being 493 pounds and the price
$ 1 ,015. This was the highest price ever paid on the Houston
exchange for a bale of cotton. It was classed as strict mid­
dling. The first bale reached Houston last year on June 23

Continent.

Great Britain.

October 1 to June 1.

1911.
8 M tbs. Shirt­ Cot’n
ings. common MU.
UpTs
to finest.

32.1 Cop
Twist.
d.
Apr.
28 10 K
May

5
12
19
20
J’ne
2
9
10

d. s. d.
@

UK 6
6
6
6
6

10 13-16®
10 15-16®
10 15-16®
10K
@

11K
UK
UK
UK

11
@
11 1-16@
11 1-16®

UK 6
11K 0
UK 6

1

*. d.
@11

1K@H
1K@H
lH @ n
1K@H

3

8H Ws. Shirt­ Cot’n
ings. common Mid.
to finest.
UpiJ
a. d.

d.
8.27 10K

4 8.23
4 8.42
4K 8.40
4M 8.28

1K®11 4H
1 K @ H 4K
1K®H 6

32j Con
Twist.

@

11K 5

10 u i a @ l l 7-16
10K @ 11K
10K @ U K
i o 'A @ U K

s. d

7K © 10 3

7.94

8 @10
9 @10
8K @ 10
8K @ 1 0

7.95
8.12
8.04
8.04

8.33 10H @ U K 6 8
8.31 10 15-16® U K 5 8
® UK 5 7
8.27 i o h

4K
6
6
6

@ J0 5
@10 0
a io o

7.94
8.23
8.09

1(548

T H E C H R O N IC L E

[VO L. L X X X X I I .

S H I P P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r t s o f c o t t o n fr o m th e U n ite d S ta te s th e p a s t w e e k h a v e
r e a c h e d 3 3 ,4 8 8 b a le s .
T h e s h ip m e n ts in d e ta il, a s m a d e
u p fr o m m ail a n d te le g r a p h ic r e tu rn s, are a s fo llo w s :

wheat by sales of July, but to have sold September and
December for the decline. This widely published view
of the matter may or may not be correct, but it has cer­
tainly had an influence too marked to be ignored as taking
account of the factors which have moulded the market during
NE' T ? ? l L " J ^ m c VCl‘ r ° I S ; t T Cl>S S Cltl0.- 1 7 l> “ " ' “ “ O’ 4 0 0 '° r ’ K '
the_ past week. Also there has been selling of futures
against new wheat. On the other hand, some unfavorable
To Bremen—June 14— Iiurfurst, 5,207
--------------5 207
To Hamburg—June 9— President Grant. 3 2 0
......... ’$ 0
crop reports have, as usual, been received
There is no
To Genoa— June 9— Konig Albert, 1,605______
! 605
-------------- 1 0 season in which they are not heard, even when the prospects
To Naples—June 9— Konig Albert 150-----------To Venice— June 13— Alice, 78______________ .
"
70
are really the most promising. Some of them have come
at
—Juae 10— Satsuma, 600
_
p,on
Bremen—Junic 10— Wlttenburg, a ,084 _IZ1111 ‘ 3 084 from South Dakota and Minnesota; some from Kansas.
Crop estimates for Kansas as low as 60,000,000 bush and
NEW ORLEANS— To Liverpool—June 16— Musician, 486___
4 ,so
To Belfast— June 14— Howth Head, 2,051__________
“ 2 051
even 50,000,000 bushels have been circulated, as against
r °,Havre—June 10— Cayo GItano, 3,979-.-Ju n e 13— Honduras, ’
,
o,075 ______________________________________________
7 Qt-,
fl-OOO'OOO last year, 85,478,000 in 1909 and 78,182,000 in
Genoa—June 9— Monglbello, 4,4181!___ 11111III
j ’ ns
1908. Some complaints of dry weather have been received
itOBILE— l o Liverpool—June 13— Jamaican, 2,232 ___
" 2 ’232
™rA?,A,I‘?,vrc~^Illne 10—Antillian, 1,745___________________
l ’ 7 4 5 from Hungary coincident with an advance on June 14 of
K~ T° Ham burg— Jun 16— Dungeness, 1 0 0 __________
' hoo three cents at Budapest.
Similar reports have come from
BOSTON— To Liverpool— June 9— Canadian, 160______
_
too
There is an idea among not a few
„ , , To Manchester—June 9— Caledonian, 1 ,003__________
" * t 0oa Ii . ^Bited Kingdom.
’ 2 0 s that Europe will be obliged to buy American wheat more
BALTIMORE— To Bremen—June 14— Main, 298____ _______
PHILADELPHIA— To Liverpool—Jan. 9— Haverford, 1,259___ I 1 , 2 5 9
freely this year than for some years past. To-day prices
Total .................. ........................................................ .................................3 3 ,4 8 8
were irregular closing slightly higher. Export sales were
L IV E R P O O L .— By cable from Liverpool we have the fol­ reported of 280,000 bushels. It was also rumored that part
lowing statement of the week's sales, stocks, &c., at that port
of this was wheat shipped by the bull clique. Complaints
M ay 26
June 2.
June 9.
June 16
of excessive rains came from Southern Russia and from
25,000
Sales of the w eek______ bales. 30,000
9.000
26,000 Roumania. Dry, hot weather, it is said, has not been beneOf which speculators t o o k ..
1,000
1,000
1.000
1,000
Of which exporters t o o k .. . _ 1,000
1,000
2,000 licial lor late-sown winter wheat in this country.

Sales, A m e r ic a n ....................... 25,000
A ctual e x p o rt---------------------- 11,000
F o rw a r d e d ------------------------------ 70,000
T otal stock— Estim ated______ 826,000
Of which A m erican_________ 697,000
T otal Imports of the w eek____ 40,000
O f which A m erican------------- 22,000
A m ontu afloat------------------------- 129,000
Of which A m erican________ 78,000

19,000
1,000
62,000
789,000
664,000
32,000
22,000
219,000
74 000

7',666
4,000
42.000
795.000
664.000
52.000
37.000
107.000
57.000

19.000
7,000
80.000
750.000
615.000
41.000
20.000
102.000
46,000

The tone of the Liverpool market has been as follows:
Spot.
Market,
12:15
P. M.

Saturday.

Monday.

Tuesday.

Dull.

Dull.

Wednesday. Thursday.
Quiet.

Moderate
demand.

8.34

8.37

8.37

8.30

8.27

4,000
500

6,000
600

7,000
700

6,000
500

Irreg. %pt. Irreg. 1 pt. Steady,
Steady at Quiet, %pt.
dec. to 2 dec. to 1 uncli. to 1 2 % @ 3 % dec. to 1%
pts. adv. pt. adv.
pt. dec.
pts. dec.
pts. adv.
Steady at Steady at Easy at Barely st’y Quiet at
3% @7
1 pt. dec.to 3 @4 pts. at 6 % ® 9
1@2%
pts. adv. I pt. adv.1 doeline.
pts. dec.
pts. adv.

1

>
J

The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
June 10
Sat
to
June 16. 12K 1 2 ^
p.m. p.m.
J u n e ____
June-July
Ju ly-A u g.
A ug.-Sept
S ept.-O ct.
O c t.-N o v .
N ov.-D ee.
D ec.-Jan .
J a n .-F cb Feb.-M ch.
M ch.-A pr.

H O LI­
DAY.

Mon.
12M
p.m.
8
7
7
7
7
7
7
7
7
7
7

10
98
92%
65
28%
13%
08
06%
06%
07%
08

Tues.

W ed.

Thurs.

Fri.

4 12 M 4 12 M 4 12 H
4 . 12 'A 4
p.m . p.m. p.m p m. p.m. p.m. p.m
p.m. p.m.
15
15
03
02%
97% 97
70% 70
36
34%
21% 20
15% 14
14% 13
14% 13
15
13%
16 114

14
02
96%
69%
3 6%

14%
03
97%
70%
38%
22
16
16%
15
15%
15%
15
16
16%
16% 17

11
08% 04% 05 % 05%
99 96% 92
93% 93%
93% 91
87
88% 88%

66%
32%
18%
12%
11 %
11 %
12 %
13

64
26%
12
06%
05%
05%
00
07

59%
24%
10
04
03
03
03 %
04%

Weil. Thurs. F ri.
88
87 % 87 %
87 % 87 % 87%.
89 M 89% 8 9%

nvemnniin d rCnn!!
^ g o receipts and a fall of prices in
Liverpool. Long liquidation has been a feature, with not a
little se ling for short account. Some complaints have been
received of dry, hot weather in parts of the belt, but of late
toinpcrdtuics htivc hillcii iiiicl showers unci mins htivc oc-*purred. As near as can be gathered, the corn crop is mak­
ing steady progress. Export trade has been rather quiet,
it lacks snap. Nor is speculation very active. It looks not a
little like a waiting market, that is, a market awaiting furtheidevelopment before large interests commit themselves very
heavily one way or the other. To-day prices advanced on
dry, hot weather at the W est. The rise was not marked,
as some favorable crop reports are being issued.

4,000
400

Market,
4
P. M.

04%.
94 %

Quiet.

Mid.Upl’ds

Futures. 1
Market
}
opened
J

94 %
94 %

m ,,
* 111
pam y in sympaeny witn wheat
and partly from other causes. Among them were favorable

Sales_____
Spec.&exp.

HOLI­
DAY.

IN NFW VODIC
95
94 %
94

Friday.

1
J

D A IL Y CLOSING PR ICE S OF W H E A T F U T U R E S
Sal. M on. Tues.
No. 2 red______ __
- - - 96% 93 % 93 %
July delivery in elevator!
93 % 94
■ --- 96%
• --- 95% 93
03%
OF W H E A T FU TU RE
Sat. M on. Tues.
- - - 88% 86 % 87%
..... -...... - v o w , , in uxcvuior ----- 88
8 6% 86%
December delivery In elevator. ----89 %
88 % 89

61%
27
12%
06 %
05 %
05 %
00 %
07

61%
27
12%
06%
05%
05%
00%
07

D A IL \ CLOSING PRICES OF NO. 2 M IX E D C O R N IN NRW YORK
Cash coi n
M on. T ues- Wed. Thurs. F ri. '
Tulv rtpHvmUVn
....... ...............lNom- Horn. N om. Norn. N om . Nom.
July delivery In elevator--------------- N om. 62% N om. 62
61 % OI L
D A IL Y CLOSING PR ICE S OF C O R N F U TU RE S IN CHICAGO
July delivery In e l e v a t o r - - - - - - - ^ v/%
Septem ber delivery in elevator------ 56
50% 56% 55 % r,6 ^ i t i l
Decem ber delivery in elevator____ 54% 55% 55% 54% 54 ys 55 ' 6

Oats, in marked contrast with other grains, have been in
the main firm. The reason is not far to seek. So far at
least as present appearances go, not a few believe that the
crops of both oats and hay are likely to be smaller than those
ot lust year.
Prices for oats are 1
to 4 cents higher than
i year ago, with the greatest difference, significantly enough v
m the December delivery. It shows the drift of opinion.

BREADSTUFFS.




-

_.
F r id a y N ig h t, J u n e 16 1911.
1'iour has continued quiet and more or less depressed. The
recent decline in wheat leads buyers to adhere if possible No estimate of the hay crop has been issued, but the condi­
more tenaciously than ever to the policy of buying from hand tion of the crop in the latest Government report is given as
to mouth. Conservatism, in other words, still rules. In 9 % below that of a year ago and fully 10% lower than the
Northwestern and Southwestern markets there is no im­ 10-year average. So that, unless conditions change mark­
provement, the sales still being small. The total output at edly, the crop will be smaller than that of last year, when it
Minneapolis, Duluth and Milwaukee last week was 252,935 was 60,978,000 tons. In 1909 it was 64,938,000 tons and in
bbls., against 279,780 in the previous week and 32 9,60 5’last 1908 7 0,798,000 tons, the tendency in recent years thus be­
year. A t the. Northwest there is little export business; ing, from one cause or another, towards some decrease in the
lo-d ay prices advanced a little and then reacted,
shipping directions are either poor or only fair. In a word’ yield,
borne oi the crop reports ure more fuvoruble unci showers
the flour trade of this country is still without animation.
Wheat has declined sharply under more favorable crop were predicted in Missouri, Iowa and the Ohio Valley.
D A IL Y CLOSING PR ICE S OF OATS IN NRW YORK
reports both from our own States and from Europe. Also
S at- M on . Tues. Wed. Thurs. F ri.
these has been heavy selling of July apparently by leading Stan
-------- 44%
44%
44%
44 U
44
4 4 1 ..;
No.
white
“ w
,1 ,t c ...............
.................................. 445
5
4
45
5
45
45
4
45
5
4 4 %
45"
bulls against their holdings of cash wheat which they were
D A IL Y CLOSING PRICES OF OATS FU T U RE S IN CHICAGO.
obliged to receive on May contracts. There has been a
Silt. M on. Tues. Wed. Thurs. F ri.
general belief that the July option was sustained recently July delivery In elevator
. . 37 % 38 % 38 % 38 % 38 % 38 %
ber delivery in elevator - . 3 8% 39
39 % 39% 39% 39%
merely for the purpose of liquidating big holdings of the Septem
' cem ber delivery
_ in elevator - - 39% 40% 40 % 4 0% 4 0% 4 0 ',
actual wheat. Yet the sudden and sharp break in prices
I
he
following
are
closing
quotations:
early in the week took the market by surprise. A t the same
tune foreign markets have in some cases declined materially
FL O U R
aad the world's shipments, though smaller than those of the W 'm e r’p atenfs a<le3------ S ansas st.almhts. j a c k .$4 00@*4 40
previous week, were much larger than in the same week last W inter s tr a b jlftY I I
3 g’ o l 4 - 0
clears, s a c k s . . . 3 3 5 1 8 70
......... 5 9 0® 6 30
City p a te n ts ..
year.
In other words, they reached 12,512,000 bushels, W in ter c le a rs ....................3 4 5 @ 3 7 0 Rye Hour ........................ 4 05<it
50
t print,' p a te n ts................. 4 9 0 (d) 5 15
Graham flour_____ —
3 90
against 16,584,000 in the previous week and 8,320,000 last Sprl g straights----------- 4 40(3 4 60 Corn
meal kiln dried.
85
00
y e a i. In parts of the West harvesting of winter wheat is Spring clears.................... 3 9 0 @ 4 25
two weeks earlier than usual. According to what seems to
G R A IN .
be trustworthy authority, the outlook in the spring-wheat Wheat, per bushel— f.o b
Corn, per bushel—
f'm tr
N.
Spring.
No.
1___
.
.
.
$1
03
section is most promising.
Favorable rains have occurred
No. 2 - — f.o .b .
Nominal
N. Spring. No. 2
.
1 01
S team er........... .elevator Nominal
in Nebraska and Ivansas. It is believed by many that the
Red winter. No. 2 ......... I* "
95 %
No. 3 ---------- elevator Nom nal
Hard winter. No. 2 ______ ‘ Nom. R ye. per hushei—
yield is large in Illinois, Missouri, Kansas, Nebraska, Ken­
per bushel, Dew—
Cents
No. 2 W estern ............
Nominal
tucky and Tennessee, whatever alarmists may say to the Oats,
Standards...............................
44 u
State and Pennsylvania
Nominal
No. 2 white________ __
45
contrary. The big Armour-Lichtstern interests are, rightly
Barley— Malting............... I 05® 1 08,
N o 3 white..... .......... . ’ I l l
44
or wrongly, understood to have not only hedged much°cash
For other tables usually given here
sec page 1614.

T H E C H R O N IC U

J u n e 1 7 1 9 1 1 .1

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports June 10 1911, was as follows:
AMERICAN GRAIN STOCKS.
Wheat,
bush.

New Y ork.................

.

.

Baltimore................ .
Buffalo...................... .
.
Milwaukee................

.
.

Minneapolis...............
St. Louis.... .............. .
.
On Canal and River . .
Total June
Total June
Total June
Total June

405,000
277,000
245,000
4,000
81,000
1,843,000
281,000
164,000
8,261,000
47,000
2,870,000
8,926.000
1,022,000
757,000
147,000
345,000
155.000

Corn,
bush.

140.000
265.000
11,000
307.000
149.000
10,000
716.000
142.000
193.000
1,351,000
121.000
90.000
152.000
277.000
279.000
48.000
268.000
825,000
9,000

Rye,
bush.

Barky,
busn.

25,000
106,000
102,000

1,000

8,000

641.000
212.000
4,000
4.245.000
187.000
541.000
488.000
78.000
67.000
1.275.000
190.000
471.000
313.000

10 1911- .25,971,000 5,353,000 9.413.000
8.678.000
3 1911- .26,875,000 4,684,000
11 1910- .16,887,000 6,084,000 5.949.000
6.931.000
12 1909. .15,415,000 2,892,000
CANADIAN GRAIN STOCKS.
Wheat,
btsh.

Corn,
bush.

Montrcal — ............... . 703,000
. 1.558.000

250,000
..........

1,655,000
Total June
Total June
Total June
Total June

Oats,
bush.

468,000

10 1911- .
3 1911. .
11 1910- .
12 1909- .

4,904,000
5,674,000
5.207.000
3,937,000
Wheat,
bush.

250.000
306.000
105.000
17,000
SUMMARY.
Corn,
bush.

Oats,
b sh.

771.000
2.252.000
1.636.000
1.073.000
5.732.000
5.663.000
963.000
327.000
Oats,
bush.

10,000

402,000
6,000
9,000

95,000

15,000

183,000
55,000
3,000
104,000

31.000
32.000
503.000
178.000

'866,000
936.000
1,745.000
805.000

Rye,
busn.

Barley,
bush.

17.000

40.000
32.000
109.000
125.000

40,000

Rye,
bush.

Barley,
bush.

Amerlcan.................. .25,971,000
Canadian.................. . 4,904,000

5,353,000
250.000

9.413.000
5.732.000

31.000

866.000
40.000

.30,875,000
.32,549,000
Total June 11 1910- .22,094,000
Total June 12 1909. .19,352,000

5,603,000
4,990,000
6,192,000
2,909,000

15,145,000
14,341,000
6,912,000
7,258,000

31,000
32,000
503,000
195,000

906,000

I H I j.

O R V

----

(r -

950,000

|QT ---

n

y? j\ h F.

New York, Friday Night, June 16 1911.
Trading in textiles during the week showed little change
in character or volume, buyers as a rule continuing to take
only moderate quantities of goods for immediate use or to
meet well-defined needs in the near future. In the cotton
goods division, especially, business was quiet and generally
of a hand-to-mouth order; nevertheless prices were firmly
held. Conditions confronting mills remained much the same
as in preceding weeks; curtailment of production continued
on a large scale, with prospects of increasing unless demand
improves for goods at prices which mills can afford to accept
or unless there is a radical decline in the staple. It is note­
worthy and significant that Soutli Carolina mills have decided
to close two weeks during the summer, while some Southern
mills, it is understood, will shut down the entire summer.
Buyers apparently are coming to realize more fully that
goods are not likely to be cheaper for some time to come;
their present conservatism is attributed more to the slow­
ness of their own trade and rather uncertain outlook for the
future than to price considerations. Some new lines of tex­
tiles for spring 1912 wore opened this week, and others are
expected shortly; prices were named on some, but not on
others, and uncertainty in this respect served to restrict
business. . Wide dress ginghams were offered by leading
interests; one well-known line of Amoskeag ginghams was
priced at 11c., or
c. lower than last season, while another
line of the same company remained unchanged. The num­
ber of new lines of 32-inch ginghams being offered for next
spring is unusually large, and in some quarters there is ap­
prehension of overproduction.
While it is perhaps too early
to form a definite conclusion on this point, it is evident that
competition for business will be keen and that buyers arc
in no hurry to place orders. In underwear and hosiery for
the new season selling agents themselves are in doubt as to
what prices to name; some have tentatively made moderate
advances, apparently to sound the trade. In this, as in other
cotton goods divisions, sellers are confronted with high-cost
staple, and on the other hand with the possibility that ad­
vances will restrict demand. Preparations are being made
to open new spring linos of woolen and worsted men’s wear
and dress goods in the near future, and there is much specu­
lation regarding prices to be named. Some cotton worsted
men’s wear fabrics were shown this week at slight advances,
owing to the increased cost of cotton. Current business in
woolens and worsteds is quiet.
DOM ESTIC COTTON G OODS.— The exports of cotton
goods from this port for the week ending June 10 were 0,195
packages, valued at S406,879, their destination being to the
points specified in the tabic below:
1

1

----- —1011-------

----— 1910-------

Week.

Week.
31

. _ _ 731
West I n d ie s ------------- ---------- -------------- ..-1 ,0 9 1
71
M ex ico_______________________________
Central A m erica--------------------------------- . _ 492
South A m erica _____________________ . .1,178
. _ . 630
Other countries_______ __________

ASince
Jan. 1.
387
465
35,102
14,696
10,717
4,582
18,460
1,077
8,449
27,698
18,090

T o ta l....................................... - ............ . .0,195

139,735

New York to June 10—

China_______ ______ __________________
I n d ia ________________________________ V. 1,491




109
742
62
431
755
248

Since
Jan. 1.
1,023
558
28,212
7,113
5,335
1,679
13,004
881
4,115
22,953
19,853

2,541

104,726

8

155

1649

The value of these New York exports since Jan. 1 has been
$10,341,265 in 1911, against $7,100,204 in 1910.
Bleached cottons moved steadily, usually in small lots,
and showed a firmer tendency, with advances reported as
pending. Wide sheetings ruled firm, but some irregularity
wras noted in prices of medium-width common grades. De­
mand for staple prints, ginghams and tickings was moderate;
prices continued firm, especially for denims, which reflected
the lessened output. Leading lines of drills were in fair
request and reported well conditioned. Brown cottons were
taken in limited quantities at well sustained prices, the
heavier lines showing increased firmness as a result of cur­
tailment of production. Export trade was generally quiet,
only moderate scattered sales of drills and sheetings being
reported. Demand for print cloths and convertibles was
light; standard gray goods remained quotably unchanged.
W O O LEN GOODS.— In the men’s wear market interest
centres chiefly in the opening of new lines for spring 1912.
It is expected that prices on liglit-iveight woolens and
worsteds other than serges for spring delivery will be named
about the middle of July, and there is much speculation in
the trade as to what, if any, changes will be made. Buyers
are looking for recessions in some directions and better values
or qualities in cloths generally than heretofore. Substantial
orders were placed on a leading line of serges for spring deliv­
ery at prices reported unchanged from last season. One line
of carded woolen suitings was advanced this week 2J^c. a
yard over opening prices. In most quarters of the market
current business is dull, with little disposition shown by
men’s wear buyers to take additional quantities of heavy­
weight fabrics for the fall season. With the exception of a
slightly increased call from secondary distributers, and to
some extent from cutters for staple fabrics, the dress goods
division continued quiet; conservatism among buyers for
forward delivery is commonly attributed to tariff uncertainty,
although among sellers the belief appears to be growing that
no legislation will be enacted v'hich will affect prices of im­
ported dress fabrics this year.
F O R E IG N
DRY
G OODS.— Imported woolens
and
worsteds displayed only moderate activity. Aside from a
fairly steady demand from garment makers for additional
dress linens, principally brown and colored goods for imme­
diate shipment, and moderate purchases to replenish certain
stock goods, the linen market was quiet as usual during the
between-seasons period. Some additional business was
tendered to mill representatives for delivery beyond Jan. 1
on the basis of current prices, but it is understood that manu­
facturers declined the offers, owing to uncertainty as to the
cost of flax and yarns. Burlaps were quiet but easier in sym­
pathy with Calcutta; light-weights are quoted at 3.95c. and
103^-ounce at 5.30c. to 5.35c.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending June 10 1911 and since
Jan. 1 1911 and for the corresponding periods of last year:
K
8

i 'a g g s i l
o

p

=*

c:

o e

* 2. £

o
a
o&
ttos g
*2

■H

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■q cm-* -q w
3
Ci O t\5 •£» >— 5
H

MM k O

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0 00 *d -1 -< tss Zf a
COCJI A J* a i* w
tOCO f c o a o o o
W
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C* Cl Cl *d ^ -d w
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-d to *-*
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CO00 OSCa to Oo £»
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to
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1650

T H E C H R O N IC L E

[V O L . L X X X X I I .




O
O

____
Page.
Name.
R a te.
M a tu rity .
P r ic e .
A m o u n t.
1 5 8 2 ..
Elizabeth City, N o. Caro__
. _ __
______
$120,000
1 3 2 9 ..
E1 Dorado C ounty, Cal__ 5 5
1916-1935
120,000 107.08
1 3 9 0 ..
Elgin, Ore________________ 6
6
(11921-1931
10.000 j/101.10
. 5
1451._EHensburg, W ash. (2 Issues)..
1931
103.44
70,000
M U N IC IP A L BOND SALES IN M A Y .
1329-.E lm ore County, A la __________5 5
1941
70,000 104.01
1582.
_E lsinorcS. D ., C a l___
6
102.30
2,500
W e p r e s e n t h e r e w ith o u r d e t a lie d lis t o f th e m u n ic ip a l
1 3 9 0 ._ Elyria S. D.. O h io____________ 4_ V>, 1917-1928
12,000 105
b o n d is s u e s p u t o u t d u r i n g t h e m o n t h o f M a y , w h ic h t h e
1 5 1 4 ..
Euclid Sch. Dlst., O h io____ 44)4
1921-1935
)4
100,000 105.872
1 329.-E xcelsior Un. High S. D ., Cal___
1. _ _
c r o w d e d c o n d it io n o f o u r c o lu m n s p r e v e n t e d o u r p u b lis h in g
30,000 106.003
158 2 .F alrp ort, O hio__________ -IK
4)4
1921
28,000 103.542
a t th e u su a l t im e .
1451 ..F e rg u s Co. S .D . N o .57, M on t. 6'
(11916-1921
2,000 100
Fergus County S. D ., M ont_______
._ 0
T h e r e v i e w o f t h e m o n t h ’ s s a le s w a s g i v e n o n p a g e 1577 1 5 1 4 ..
(11916-1921
1,861
100
X. 5
1514. .Fisher C o.C o m .S .D .N o .19,Tex.
(11921-1931
1,000 100
o f t h e “ C h r o n i c l e ” o f J u n e 10.
S in c e t h e n s e v e r a l b e l a t e d
1451__Floydada Ind. S. D ., T e x ____
.- 5
(11916-1951
20,000 100
M a y re tu r n s h a v e b e e n r e c e iv e d , c h a n g in g th e t o ta l fo r th e
1 6 5 5 ..
Ford River T w p., M ich__55
13.’ 15&’ 17
3,000 100
1 3 2 9 .-F ort Bend C o., T ex. (2 Issues)
3) 5
(11921-1951
60,000 101.57
m o n t h t o $34,21.3,895.
T h e n u m b e r o f m u n i c i p a l i t i e s is s u ­
1 39 1 ..
Franklin County, Ohio (4
.) iss.)
4 K 4)4
70,000
101.501
i n g b o n d s w a s 385 a n d t h e n u m b e r o f s e p a r a t e is s u e s 526.
1391-.F re e p o rt, N . Y ________________ 4)4
4H
50,000 100.288
_ 4)i) 4
1391 _.F reeport, N . Y . (3 Issues)____4
26,000 100.06
M A Y BON D SALE S.
1655__Gadsden, A la _________________ 5
1941
50,000 100
Page.
Name.
Rate.
M a tu rity .
Amount.
P r ic e .
1514-.G alveston County Com. Sch.
1449--A b ilen e, E ans
......... .............. 5
1931
$15,000
_
Dlst. N o. 18. T e x ___________ 5 5
(11921-1951
9,000 100
_
4
1512. .A k ron , P a _____________
(11921-1941
15.000 100.300 1451 _-Gibson County, In d ____________4)4
1912-1931
21,000 102
4 )4
1 3 2 7 ,- A lbany, N. Y ......... ..................... 4
1921-1930
100,000 100.071 1 58 3 ..
Glendale, Cal___________ 5 5*
1912-1935
18,000 102.916
132 7 -.A lb a n y, O h io_________________ 0
2,250 103.317
1912-1910
1 5 1 4 ..
Glendive, M ont_____ __ 5)4
1914-1928
5 )4
15,000 101.000
12G 3-.A lbert Lea, M inn_____________
414
91.000 100.870
1921
1 5 1 4 ..
Grafton T w p., O h io .......... 5
1916-1928
20,000 107.51
1 0 5 3 .-Alexandria School Dlst., Neb 0
12.000 112.75
(11920-1930
1329.
-Greenville, A la_______
15,000 100
1 3 2 7 .-A llen, O kla.................................... o
(11920-1935
25.000 100
1391 _.Greenville, So. C a r o l.I .
.. 5
1940
100,000
104.01
1389-_Am ericus, G a_________________ 4
40.000
1941
1 45 1 ..
Grove City, Ohio_______
5
1916
1,763 100
1 3 8 9 .-A m erlcus, G a_________________ 4 14
1941
40.000
1451._G roveton Ind. S. D ., Tex
_ 5
(11921-1951
20,000 100
1389 . . Am crlcus, G a_________________ 4 ) 4
25.000
1941
1 45 1 ..
Hall Co. Com. S .D . N o.25.Tex
5
1931
2,400 100
144 9 ..
Anaheim, Cal____________ 5
70.000 104.035 1515 . .
H amilton, Ohio (3 issues) 4)4
1912-1921
7,301
1 4 4 9 ..
Anaheim, Cal____________ 5
30.000 103.25
1 4 5 1 ..
Hamilton Co., Tenn. (2 issues) 4)4 1941
235,000 101.729
1578-Andrews C ounty, T e x a s _5
(11921-1931
8,000
1583.H a n cock County, G a__ _
1 38 9 -.A n tIgo, W Is__________________ 4)4
1921-1930
50.000 101.051
1330.
-H a n cock County, M iss... 66
(11910-1931
25,000 102.52
1512. .A rcher County Com. Sch. Dlst.
1583-.H arris C o.C om .S .D .N o.16,T ex.
:. 5
1951
8,000 100
No. 4, T e x _________________ 5
(11926-1951
13.500 100
.
5
1
5
8
3
.
-H
askellCo.Com
.S.D.N
o.lO.Tex.
5
(11926-1931
2,500 100
1 44 9 --Arkansas City S. D ., Ivans___5
1931
50.000 103.45
1 5 8 3 ..
Hawkins County, Tenn . 6 . 61911-1921
20,000 103.045
1 4 4 9 ..
Asheville, N o. Caro______ 5
1941
430.000 100.108
1 3 3 0 ..
Hickman Co., Tenn. (2 Issues).
5 al924
.
5
50,000 101.05
1 32 7 -A ttleb oro, Mass_________ 4
19111915
15.000 100.44
1515. .H ick o ry , N o. Caro____________ 5
1941
30,000 100
1 512-.A ud rlan C ounty, M o__________ 5
1912- 1910
15.000 1/101.40
1 4 5 2 ..
H olyoke, Alass____________ 4
4
1912-1928
85,000'1 102.279
1579-A ugusta Sch. D ist., A rk _5 )4
1912-1931
______
40.000
1 4 5 2 ..
H olyoke, Mass____
1912-1921
190,000,r
1512.A urora, I I I ______________ 4 H
al921
30.000 102.267
1452_. llornell, N . Y ................ .
4)4
1921-1931
34,000
103.786
1579__Baker City, Ore. (3 issues)____ 5
1931
140.000 101.125
1 5 1 5 ..
Hudson, WIs__________ - 4)4
1912-1931
20,000 100.50
1440._B aker County S. D. N o. 5, Ore. 5
(11921-1931
45.000 101.57
1 6 5 5 ..
Hughes County, So. D ak_5
1926
70,000 100
1389.-B a ltim ore, M d. (3 issues)______ 4
1901
800,0001101.2186
6
1 5 1 5 ..
Hum phrey Sch. Dlst., A rk
. 6_______
1912-1921
10,000 1/100
138 9 -.B a ltlm orc, M d________________ 4
1958
230,000/
1 5 1 5 ..
Huron, So. D ak_________ . 5
5
1931
40,000 100
1579-.B atavIa, 111...............................
4)4 01923
28.000 1/101.771
1 5 8 4 ..
Hutchinson Sch. Dlst., Kan
- 4)4 4 1921
33,000 100
1 4 4 9 ..
Baton R ouge, L a _________ 4)4
143.000 100
1 5 1 5 ..
1.dianapolis, In d ________ .4 4
1941
110,000 104.796
1327.
-B ayonne, N. J __________ 4
" ’ 1931 " ’
38.000
............
1 5 1 5 ..
1.dianapolis, I n d .________.4 4
1941
200,000 104.70
1 3 2 7 ..
Bayonne, N. J .................... 5
6,500
______
5
1 4 5 2 ..
1.on County, M ich_______. 5
1926
150,000
105.007
1 3 2 7 ..
Bayonne, N. J ___________ 4
1921 "
121.000
1266.Iron ton , Ohio___________.44
1931
15,000 101.113
1512. -B eckville Ind. Sch. Dlst., T e x , 5
1951
6,000 100
1 51 5 ..
1.asca, T e x ______________ . 5
(11921-1951
35,000
1449-.B ecvlU e Ind. Sch. D lst., Tex__ 5
(11921-1951
30.000
1 51 5 ..
Jackson Co. S. D . N o. 6, O
6 1931
. kla.
6
5,000 100
1579. Bellevue, P a __________________ 4 y.
01938
25.000 104.657
1 5 1 5 .. Jackson Co. S. D. N o .11, Okla.. 6
6
1931
12,000 102.10
1 5 7 9 .-Bellefontaine, O hio......... .......... 5
(11921-1930
28.500 107.76
1330-.Jackson T w p. Sch. Dlst., Ohio) 4)4 1912-1923
25,000 102.33
1 5 1 2 .-B ellev illeT w p . Sch. Dist., N .J. 4)4 1931-1943
24,900 104.562
1 2 6 6 ..
Jamestown, R . I ________ .4)4
4H
1931
50,000 104.523
1 4 5 0 .-Beltram i County, M inn______ 5
al925
150.000
1584. _Jellerson County, M o_________5
. 5
1913-1926
30,000
1512 . .
Beltrami County, M inn_ 5 & 5 ) 4 01924
180.000
1330. .Jersey City, N . J _____________ . 4
1931
12,000 100.75
1 5 1 2 ..
Beltrami County. Minn. (3 Iss.j 5
00,000 101.333 1 4 5 2 ..
Johnson County, In d .... ... 5
1921
5,825 100
157 9 .B enton County, In d ____ 4 1 4
01917
4,300 100
1515. _ Kansas (11 Issues)____________ 5
5
94,334 100
1 3 2 8 .. Benton Co. S. D. N o. 0, Wash 5
(11921-1931
24.000
98.541
165 6 ..
Kansas City, K a n _______ 5
1921-1931
19,696
105
1579. .B enton Co. S. D. N o. 17, Wash. 5
01921-1931
50.000
__
_______
1 5 1 5 ..
Kingman, Kans____
2,500 101.30
1 5 8 0 ..
Big Horn Co. Sch. D lst., W yo_ 0
1936
11.000
1 6 5 6 ..
Kingston, N. Y ...........
.
1923-1929
70,000 101.30
4 .'4
1580 BlgSw an Dr. & L ev. Dlst., Ill 6
1923-1926
31,800
165 6 .-K ingston, N. Y . _____________ 4H
4)4
1917-1918
20,000 101.30
1580. .B ig Tarklo Dr. D i;t., Mo
0
1928-1930
34.500
1267.K in gston , N. Y . . . ......... 4)4
4 Vi 1912-1914
12,000
1389. .
Blackwell, O kla................ 5 1926,'31 &'36
75.000 100.25
1 5 1 5 ..
K n ox County, T enn_____ 5 5
1931
105.48
26,000
1512.
-B laden, Neb. (2 Issues)-...............
5
01916-1931
14.000
1 2 6 7 ..
Lackawanna, N. Y ______ 5 5
1912-1936
125,000
107.478
1513_-B lount County, T en n _________ 5
300,000 102.003
158 4 ._La Crosse, W is. (2 Issues)_____ _
85,000 100
1 5 1 3 ..
BlufTton Sch. Dist., O h io________
4
1915-1930
35.000 100.057 120 7 ..
Lafayette County, M o_____ 5)4
1912-1920
125,000
1 3 8 9 ..
Bound Brook Sch. Dlst., N . J . 4)4
1926-1940
15.000 103.54
1 5 1 5 ..
La Grange Graded Com. Sch.
1 5 8 0 ..
Bowman County, No. D ak________ 7 1913
20.000 101.50
D lst., K y . ___________ . . . 5
13,500
1513,
-Brem en Sch. Dlst., O h io________19135
1942
30,000
1 45 2 ..
Lakewood, Ohio (5 Issues)
70,219
1 5 1 3 ..
Brewster County Com. Sch.
1452. .
Lakewood, O h io _ ______ 4)4
4 14
15,000
Dlst. N o. 3, T e x ___________ 5
1914- 1931
6,000 100
1584. . Lakewood T w p .S . D.. N . J
60,000 100
4H
1 5 1 3 ..
Bridgeport Ind. S. D .. T o x _______
5
01931-1951
20,000 100
1 5 8 4 ..
Latimer Co. S. D. N o.32,O kla.
6 1931
6
4,000
1 5 1 3 .-B rookings, So. D ak___________ 5
01921-1931
20.000 y 102.05
1515__Laurlnburg, N o. Caro__________ 5
5)4
)4
1931
37,500 101.77
1328.
_Bucyrus, O h io__________4)4
1912-1921
23,500 102.40
151 5 ..
Leech T w p ., Ill_________ 6
6
1912-1917
7,000
1580- .B uffalo. N. Y . (4 issues)______ 4
1931
350,000 100
1330. .L e e County, A rk _____________ 5)4
1912-1936
100,000 100
5K
1 5 1 3 ..
Burlington, N o. Caro____5
1940
25.000
______
1 3 9 1 ..
LewIstown, M ont________ 5
100,000 101.25
151 3 .B urllngton Sch. D lst., W Is______501916
10.000 102.17
1391. .
Lexington, M a ss________ 4 4
1912-1921
10,000 102.07
1328_-Butler Sch. Dlst., P a ________ 4
50.000
______
1 3 3 0 ..
Lexington T w p ., Ohio (2 lss.).
5
10,000 103.70
1328_Butlcr Village Sch. D lst., Ohio 1912-1917
5
3,600 101.75
1515_-Lem oore Sch. Dlst., C a l.......... 5 5
40,000 102.5405
1 5 1 3 ..
Cambridge, Mass_________4
_25.000
1921
______
1515_.LewIstown, 111_______________ 4)4 (11921-1925
7,000 100
1 5 1 3 .. Cambridge, Mass. (6 Issu es).. 3)4 __________
126,'300
1 51 5 .
-Lim estone County Com. S. D
1450-.C am den, N. J __________ _____ _ 4)4
1941
210,000 106.12
N o. 38, T e x ......... ...................5 5
1916
700 100
1 5 1 3 ..
Canadian, T e x ___________ _
(11921-1951
10,000 101
1452..
Lincoln, N e b ____________
1912-1921
50,700 100.83
1390-.CanaJoharie, N. Y ._ ................ .. 4 . 3 0 __________
50.000 100.071
1391. .L isbon Sch. Dist. No. 1, N. II. 4
1911-1930
31,000
97.25
1654-.C anton Township, O hio______ 5
al917
14.000 103.806
1 51 5 ..
Lincoln T w p . S. D ., So. D a6k .. 61914-1925
7,300
1 5 1 3 ..
Canyon City Ind. S. D ., T e x _ . 5 (11920-1950 10.000 100
1515__Lockney Ind. Sch. D lst., T e x . 5
(11921-1951
13,000
100
1264-.C edar Rapids Ind. S. D ., Iow a 4)4
1921
50.000 100.16
1330..
Lom poc Sch. Dlst., Cal_5 5
10,000 103.167
1 2 6 4 .-Cedar Springs, M ich__________4'A
1926-1940
15.000 103
1 5 8 4 ..
Lovell Sch. Dist., C a l___ 7 7
3,500 102.857
1328-.C entral Point, Ore____________ 6
1941
14.000 100
1910-1931
1391 ..L u ca s County, O h io__________4)4
173,850
4
K
105.523
1 5 1 3 .-Chambers County Com. Sch.
(11919-1951
15,000 100
15 8 4 ..L y n n Co. Com. S .D . N o.2, T ex. 5
Dlst. N o. 19, T e x ___________ 5
(11921-1951
3,000 100
1936
5
80,000 99.0625
15 8 4 ..
McAlester, O kla_________ 5
1 2 6 4 ..
Chateaugay (T ow n ), N. Y ________ 4)4
1915-1929
15.000 100
15,000
1 3 3 0 .-M cClusky Sch. Dlst., No. Dak
1 5 8 1 ..
Chehalis County S. D ., W a s h .. 5)4 (11912-193120.000 100
1916-1925
10,000 102.315
1 4 5 2 .-M cK inley School District. Cal. 5
1 45 0 .-Chicago, III. (2 Issues)__________ 4
1914-1931 1,400,000
99.71
(11921-1931
65,000 102.58
1
5
1
6
.
-M
adison,
So.
D
ak______
5
1 3 2 8 .-C hicago,' 111.— Lincoln Park
fl 1928
100,000
1 5 1 6 ..
Marshall County, M inn__ 5 5
Dlst _______
4
(ll 921
99.20
875.000
80,000 104.375
1931
1391__Mandan, No. D ak____________ 5)4
1 6 5 4 ..
Choctaw County, O kla____ 5
1922-1931
125,0001. 101
70,500 100.163
139
1
..
Mansfield,
Ohio
(7
Issues)________
1 6 5 4 ..
Choctaw County, O kla____ 5
1936
120, 000/
46,000
1931
4
1391.
.
M
attoon
Township,
III___
4
1 6 5 4 ..
ChristIansburg, V a________5
(11926-1941
40,000
27,630 101.10
1452. .M assillon, Ohio (6 Issues)_____ 4 4)4
)4
1 3 2 8 ..
Cincinnati, O h io __________ 4
1941
250.000 102.57
1516. .M eade Co. Ind. S. D. No. 12,
1 5 1 3 ..
Clarkfleld, M inn..............
0
(11912-1916
12,000 100
6,000 101.083
So. D a k ______________ _____ 5 5
1 5 1 4 ..
Coal Grove, O h io________ 5
1921
6,000 100
7,500 107.576
1 3 3 0 ..
Meadows S. D. N o. 9, I d a h o ..
£{.
Y ............................... 41l^/ ’ 19,’22,’
24&’25 404)001
103]597
5,0001
1931
1453. .M elrose, Mass___________ _____ 4 4
1451
.q
W
V N. Y ____________ i4)4
'T
1 77 ,’
» i 18<V28
i n nnr, >
1 4 5 1 .. f / n h n pCohoes,
16,000/
5,000) 102.935
1912-1916
1453-_Mclrose, Mass_________________ 4
1 3 2 8 ..
CortsvIUe Tw p. S. I)., O h io .. 4)4
1912-1931
20,000
5,000 J
1 4 5 3 ..
Melrose, Mass____________ 4 4
1911
1 4 5 1 ..
Colorado Ind. Sch. Dlst., T e x . 5 (11921-1931 10,000 100
20,000 104.75
1 3 3 0 ..
Midway School District, C a6l-. 6
1 51 4 .. Columbiana, Ohio (4 Issues)
4)4
1912-1921
15,747 101.369
12,000
1 3 9 2 ..
MIlaca, M inn____________ 6
1931
6
1 5 8 1 ..
Columbiana County, O hio________ 5 1912
14,000 100.625
450,000 103.42
1912-1931
1331-.M ilw aukee, W is. (2 Issues)____4 4)4
1 3 2 8 ..
Cook County, 111_______ . 4
1913-1931
950,000 100.0165
34,000
1 5 1 6 .-MUlelacs County, M inn________ .
7
3,000
1 5 1 6 ..
Minnesota (12 issues)_____ 4
4
145,750 100
600,000 101.20
4)4 1916-1930
1 5 1 6 .-M innesota--------------------------------- 4)4
4u
100,000 100.05
1,000
1913&1914
1516,-M Innesota_____________________ 44
25,000 100
150,000 100.023
1921
4 )4
1268. .
Monroe County, Miss__ I 55
1912-1926
100,000
1 4 5 1 ..Custer County, Id a h o.
15,000 102.166
1 5 1 6 ..
Monroeville, O hio______ ’ 55
1912-1910
1,390 100
4 *4
53,200
1 5 8 5 ..
Montana (5 Issues)____’ 6 6
10,6001 100
10,300
4^
1585 ..M o n t a n a __________
""5
40,000/
414
25,000 107.52
(U930
1331__Mt. Gilead, O h io ..
5
1912-1918
1,040 103.173
47,000 107.74
a 1932
1 3 3 1 ..
Mt. Gilead, O h io ... - - - - - - - - 51912-1918
4)4
5,495 103.548
4
15,0001 101.97
al926
1 2 6 8 ..
Murphy Township, No. Caro 5
1941
50.000 100
5,000/
al920
4 Vi
1 2 6 8 ..
Muskogee S. D., Okla. (2 Iss.). 5 1936
175.000 102.10
58,000 107.27
al930
1 5 1 6 ..
Nashua, N. I I ________
4
4)4
1931
15.000 100.08
13,500 105.30
«1923
4)4
1 5 8 5 .-N clsonvllle, O hio. .I I
5
1912-1918
7,000 103.20
5
12,000
1913-1924
1585. .
Nebraska (15 issues).
Var
Various
320.000
1329-.D cerpark (Town) Union Free
1912-1941
300,000 1
4
Sch. Dlst. No. 1, N. Y
53,000 103.27
4)4 1912-1940
1912-1931
85,000 104.57
4
1 3 9 0 .-D enton County Com
Sc’h
1912-1921
15,000
4
Dist. N o. 59, T e x _____
' 5
7,000 100
(11916-1936
1920-1928
9,000 103.541
4)4
1 65 4 ..
Devil’s Lake, N o. Dak_I I "5
10,000 100
1931
1912-1926
30,000
4
102.677
1 4 5 0 ..
Dickson City Sch. Dlst., P a
5 "" 1921 & 1931
40,000 100
1453.
1941
15,000 3100
4
1654--D oland Ind. S. D ., So. Dak
5)4
1931
13,500 100
(11926-1936
6,000
5
1.20
8,000 100
4)4
14,116 1/101.119
6
1936
12,500 100
(11928-1942 7,000,000 95.3701
4
4)4
1913-1924
12,000
165 7 .-N ew Plym outh S. D ., Id a h o .. 5
(11921-1931
7,500 100
1 5 1 4 ..
Eastland, T ex
6
(11931-1951
15,000
1916-1941
1585. .
Newport, Tenn. (2 issues)________
50,000 100
5
1 4 5 1 ..
Easton, Md ._
4
1912-1951
40,000 100
1 3 3 1 ..
New Rochelle, N. Y ____ 4 Vi 1914-1926
24,990 103.001
1 3 2 9 ..
East Orange, N
4
1941
100,000 100
158 6 -.N ew York C ity_______________ 3
1900
385,869 3100
4
1951
100,000 100
(11914-1921
4
20,000 100.20
1 32 9 ..
East Orange, N .J . (2 Issues)..
4
25,000 100
1931
139 2 -.N orfolk School District, N cb._ 5
25,000 102.10
1 5 1 4 ..
East R och esterlllg h S .D .,N 5
.Y .
30,000
1516 . -N orth Carolina________________ 4
1951
310,000 100.04
4
1921
10,000
1516..N ottin gh a m , Ohio (6 issues). . 4 ) 4
10,367 102.028
4
1921
12,000
96.875
5) 4
75,000

THE

J u n e 17 1 9 1 1 .]

1651

C H R O N IC L E

.

R E V IS E D T O T A L S F O R P R E V IO U S M ONTH S.
Am ount.
Maturity.
Page.
Name.
Rate.
$50,000
al930
The following items, included in our totals for previous
1586-.O gdensburg, N. Y ------- - - - - - - 4
55,300
1331. .
0klah om a Seh. Dists. (12 iss.) 6 1931
months, should be eliminated from the same. We give the
00,000
1 4 5 3 .-Okm ulgee, O kla......... ................. 6
47.000
page number of the issue of our paper in which the reasons
1453.O lyphant, P a ----------------- 4 $
105.74
25.000
1931
1392. .
0m aha, N eb-------------------- ^ A
60.000 106.258 for these eliminations may be found.
1 3 3 1 ..
0ntario, C a l - - - - - - - - - .....®
Page.
Name of M unicipality.
Am ount.
191219236,000 102.278
1453. .Orange Township, Ohio ------ 4 A
22,800
al918
1450,-C a m d en , N . J. (March list)........................................................... M o ’ nno
1586. .O sw ego School District, K a n . , o
1514
.F
a
lcon
er,
N.
Y
.
(March
li
s
t
)
.....................................
1454.Parm er Co. Com. S. D. N o. 2,
12,000 100
1394 Valley Township School District, Ohio (April li s t ) ..........., livXnn
(11931-1951
________________________ o
475.000 101.70
1588. .
W ashington C ounty, Okla. (April list).......................... l d a ’?o o
1454. .
Pasadena High S. D ., Cal
. 4 1919-1942
A
101.10
75.000
1 3 9 4 .-W h ite Plains. N. \ . (April list)...................................................
9 -500
1917-1931
1454. .Pasadena G ram m ars. D .,C a l. 4 A
150.000
a 192 4
1454-.P en n ln gton County, M i n n .- ., o
61,900 100.67
1931-1937
1454-.Pennsauken Tw p . S. D ., N. J .
We have also learned of the following additional sales for
47.000 105.40
1941
1 3 9 2 .-Perth A m b oy, N. J - ......... ........ 4 A
25.000 100.23
1910-1940
previous months:
1 5 8 6 . -Perry, N. Y . - - - - - - .................. 4 :39
3,500 105
1910-1922
1331--P leasantvlllc, N. Y ----------------- 4 A
Price.
Am ount.
Maturity.
12.000 100.75
1915-1920
Pane
Name.
Rate
1517 -.P ly m ou th School DIst., P a — o
97.815
$120,0001
11,000 100.50
1 3 2 7 ..
Aurora S. D. N o. 131, 111------------ 4 1924
1921
1 5 1 7 .-Pocahontas, Iow a ......... .............a A
75.000J
1931
50.000 107.312
19131922
1327
-.A
u
r
o
ra
S.
D.
N
o.
131,
111-------4
1392-.P ola n d Township, O h io----------4 A
75.000
50.000 101.535
1389_-Austln, T ex. (Jan.) ..................... a
1914- 1931
1 51 7 ,-P olk County, T en n----------------- •>
12.000 101.70
d l 921-1931
25.000 101.076 1580--B la in e County, I d a h o ............- a
1912-1923
1 5 1 7 -.P olk County, T en n --------- - - - - °
3.000 100
1940
15.000 102.94
1654
--C
hatham
,
Va.
(M
arch).................a
1 5 1 7 .-P ort Costa School Dist., C a l.. - 5.000 100
309,863
1 581 ..C h e rry Creek, N. Y ----------------- 4 A
c6,000
uuu
___
1 5 1 7 .-Portland, Ore............................... ”
d l 916-1931
60,000 101.50
1328
.
.
Clinton
Sch.
Dist.,
M
o
-------a
1 517-.P ortsm outh, O h io .. - - - - - - - - 4
10
ir > 0 0 0
106.928
50.000 101.13
1941
1581
..C
o
n
co
rd
,
No.
C
a
r
o
5
1517. .
Princeton S. D ., N -J . (3 lss .)- 4 H 1941
—
l oo. OOO
- - - -1514
75.000 100
dl910-1949
.Corpus ChrlstI, T e x . (F e b .)— 5
1 5 1 7 .. Putnam County, T en n ----------- * A
25.000 1/100
1941
120!()00 101.922
1912-1921
1654. .
Decatur, A l a . . . .
o
2 7 0 . .Quincy, Mass--------- - - - - ..........*}
430.000
...
1941
95,000 100
1654
.D
etroit,
Mich.
(2
Issues)3
A
1911-1925
1 2 7 0 .. Rensselaer C ounty, N. \ --------4
2,500
1390. -D rayton T ownship, N o. D a k -- a
1931
1 3 3 2 ..
Rogers County, O kla------®
1931
200.000 102.09
1941
15.000 101
1931
1582
.
.
Duluth,
M
inn.........................4
'A
1 2 7 0 ..
R om ney, VV. V a . . - - - - - - - - - - (11926-1931
“
12.000 100
1931
7.000 100
1 39 1 -E phralm , U t a h -------------- «
1 5 1 7 ..
Rosebud County S. D ., M o n t.. 6
5,000 100
1920
1.000 100
1926
1391 --E sta ca d a . Ore ........
o
1587.
-R oss, M i n n - - - - - - - - - - - - - - - - °
18,000 102.08
dl921-1950
5
1
6
5
5
.-Falls
County.
T
exas------1 5 1 7 -.R oy a lton Ind. S. D. No. 40, ^
20,000 100
dl916-1921
10.000
1514 -Farm ington S. D . N o. 6. U ta h . _..........
275,000 105.693
2,000 101.55
1583_-H udson County, N . J. (3 lss.) _ 4 y.
1658. .
Rush Tw p. Soil. Dist., O h io .. 51913-1916
4.62 bas
1916-1925
"20,000
"
6,000 101.80
1941
1 584--Irond equoit, N. Y . (M a rch )-- «5
1 4 5 4 ..
5 t. liernard, O h io............. *
27,500 100
dl921-1931
20,000
1656--Jacnson Co. S. D . N o. 22, O re. a
1 4 5 4 .-S t. Cloud, M i n n - - - - .................. - 40.000 100.742
1912-1930
36.000 100.159
1917-1940
1267.
.
Lake
C
ounty.
O
h
io..............
4
1 45 4 --S t. Johnsvllle, N. Y - - - - - - - - 4-30 1916-1921
10.000
30.000
1 5 8 4 -.L u ra y, V a ----------- - ----------------- 4 A
1517-.S aline Co. S. D. N o. 43, III---- |
80,000 Too"" ’ "
1931
20.000 102.17
(11926-1941
1331. .N ew berg, Ore. (F ebruary)---------a
1392. .
5an Angelo, l e x . ......... .. •>
23,600 100
2,600 100.384
1
3
9
2
..
North
Dakota
(9
issues)......4
1 5 1 7 .-Sandusky, O h i o . - - ----------------- .-39,500 100.126
106,000
1392.O sage Ind. Sch. D ist.. Iow a — 41912-1920
A
1658._San Francisco, Cal.................... 4
27,000 100
100.563
312.000
19151938
151
7
-P
ike
County,
A
la.
(
F
e
b
.)
a
1 5 1 7 .-San Francisco, Cal.................... 4 'A
313.000
.....................
206.627
1
3
3
2
.
-Seattle,
W
ash.
(13
iss.)
(Mch.)
6&7
15 17. .
5an Francisco, C a l . - - - -- 4 H
150.000 lb o . 29"
19161946
1332. .
5 .a ttle . Wash- (12 Issues)--7
--------1454-.S aratoga Springs, N. Y - ------ 4 /i
101.013
40,000 j/102.55
1912-1926
1587-_Sentlnel,
O
k
l
a
.
.
------®
1930
a
1332. .
5choolcraft County, M ich-----------500.000 100.261
.....................
45,6a0
1393. .
5 .o k a n e , W ash. (4 Issues)------------ 6
(11921-1941
1454.
-Schuylkill County, P a ..........................................
4
10.231 100
15.000
1 5 1 8 - -T acom a. W ash. (4 Issues)
. 7
.....................100.58
.....................
1392,
-S cott County, Iow a ......................... .....................
100,000 102.3435
al926
2,006,000
1
6
5
8
.-Titusville
School
District,
P
a
.\
A
1 2 7 0 ..
5eattle, W ash. (5 Issues)- - r .v -.V j^ j
6,500 102
99.195
G1917
60.000
1332. .W ashington Tw p. S. D ., In d - 4 yi
74,400
dl926-1941
1 3 0 2 -S ed a lIa , M o — - - - - - - - - ......... 1016-1020
15.000 104.505 1589 .Y o rk County. So. Caro. ( 2 Iss.) a
.
. 100
.
1455. .Seneca rlow n sh lp ,_p h lo----------rJ H
25.000 101
1 5 8 7 .-Sharkey County. M i s s ..............a
Y 9Y 2- 193I
.............
All the above sales are for April. These additional April
97.61
100,000
1393.
-Shawano County, W l s ...................- *
250,000 j/100.066
issues will make the total sales (not including temporary
1 455. . Shreveport, La - - - - - - - - - - - - - ................
1 58 7 -.S llver How Co. S. D. No. 1 ,
rfl92i-i93 1
loans) for that month $38,520,711.
50.000 102.89

8,000

1455. .

510.X Tw p. Sell. Dist., I o w a ..
20.000
188,000
1912-1931
13321lio m e r ’vUle" Mais"." (8 "lsVucs) I I 4
80,586
6
1587. .Spokane, W ash. (6 Issues)-----12,000
1921 ”
1 2 7 0 .-Springdale, P a ............................. ?4 H
1/
10,000
1921-1926
1270. .Springdale,
^ --S Y n T r li a
3.000
1927
ir .i« stcDhcns Co. S. D. N o. 38,(JKia o
4.000
1931
lS ia llS te p h cn s Co. S. D N o. 42 Okla 6
1455 -Sterling County Com. S. D. ^
4.500
dl921-1931
.
No. 1, T e x - - - - - .................... •>
13.000
1 5 8 7 .. 5.eubenville, O h i o . - - - ------ 4A
20.000
”l9_14-1920
1393. .
5.eubenville, Ohio (2 Issues)-- 4 A
12,500
1915-1917
1393.-S teubenville, O h io------------------- 4 A
6,200
1916
1393. .Steubenville, O h io------------------- 4 A
7.000
1393-.S teubenville, O h io...................... 4 A
9.000
1393. -Steubenville, O h i o . . - ................ 4 A i
10,750
1518. -Sum m ltt County, Oh o ----------- 4 ™
23.000
1518-.S um m ltt County, Ohio - - - - - - 4 A
2.500
1518 Sunflower School District, c a l . 0
85.000
dl926-1931
1518. . 5 .e e t Grass County, M ont------ a
18,714
1916
1588--T acotna, W ash. (3 Issues)------ 7
15.000
1518 ..T allu la h , La — - - - - -,-- -p,-i
10.000
1588--'rellm an School District, C a l.. 6
16,000
1 6 1 8 .-Terra Bella Sch. Dist., C a l.— a
100,000
1518. .
Texarkana Spec. S. D ., A r k -- a 1913-1938
20,000
(11920-1950
1455. -Texas City Ind. Sch. D is t..le x . 5
7.500
1912-1921
1393_-Tippecanoe County, I n d .......... 4 k
5,300
1393. -Tippecanoe County, I n d -------- 4 A 1912-1921
6.000
1912-1921
1393. -Tippecanoe C o., Ind. (2 Issues) 4 A
160,000
al942
13.32- -T oledo S chool District, O h io .. 4
125.000
1912-1921
1393. .
Topeka, K a n .. - - - - .......... 4 ff
105.000
1941
1 4 5 5 .-Trenton, N. J. (2 I s s u e s )----- 4 A
8,000
1271. .
Trumbull Co. It. D. N o. 1.Ohio a 1935
50.000
1518. .
Tuscaloosa, A l a . . -------- - - ------------- - ­
7.500
1518. .T w in Tw p. Sch. D ist., O h io— 4 'A
5.500
1518. -T w o Harbors, Minn----------a
1588 Upshur County Common Sch.
2,000
dl915-1920
Dist. No. 15, T e x a s .- - ......... a
17.800
1518. . Vacaville, c al- (2 I s s u e s )--..- - 12.000
19121923
1518.-V a lle y T w p .S c h . Dist., O h io .. 4 'A 191313.000
1928
1518-.V a n Wert County, O h io ----- -- 4 A
59.000
1940
1332. - Ventnor City, N. J. (2 Issues) - a
25.000
1941
1332-.V cn tn o r City, N . J -----------------“
100.000
1931
1518. -Ventnor City, N. J - - ................ 2
70,400
1912-1930
1659- -W abash County, In d ................?
30.800
1912-1930
1659- - Wabash County, I n d - . - ......... •>
35.000
1912-1921
j « » 1 nr.,
Q/iIiaoI Pltv TT1(1 _ . _ _ — 4
W ash------------- ---------------------

6

1394. -W apakoneta, O h io.................... 4 A
1 3 9 4 .-W apello C ounty, I o w a - - - - - - ­
1455. .W arren School District, O hio. 4

1912- 162I

1937-1941
1914-1923
1 5 1 8 -. W arren, O h io-------------------------- 4
1911-1921
4
A
1 2 7 1 .. W auscon. Ohio - - - - - - - - .........
1914-1951
1589 . - W ashington County. I e x --------a
1912-1913
1689--W a y n c County, M i c h - - - ......... 4 4
1332 W ebster Groves S. D ., M o------ 4 4 A (H921-1931
1519. -W ell-S ch ool District, le x
1915-1927
1 3 3 3 .-W ellington, O h io------------(11916-1941
5
1518 .W estern Port, M d----------1941
4A
1 3 9 4 .-W est Orange, N. J ...........
- . nri.lf «
f at Fnd
4A
(11921-1931
6
(11921-1931
6
1589"--Wellington
1912-1921
4
1660- -W exford Co
5A
1919-1930
6
1931
1660--W illm ar, M in n .- ------------- ■- — 4 A
H 1933-1935
1 3 3 3 ..
W ilm ington, Del. <3 I s s u e s4)-5
1589. .
W est Concord, M inn.........
1 5 1 9 .-W lnlleld, Kan - - - - - - - - - - - - - (11916-1951
1456--W Inters Ind. Sch. Dist., T ex—
a 192 3
1589— W lnton School District, l a —
1912-1916
1519. .
W ood County, O h io-------1921
1271--W orcester, Mass ........................ 4
1921
1271 - .W orcester, M a s s --------------------- 4
1941
1333 W yandotte County, K a n -------- 4 A
4
Yi
1456— Yonkers, N. Y . (3 Issues)
4A
1456 -Yonkers, N. Y _ _ ------ — 1912-1916
1456. .Y oungstow n, Ohio (6 issues)-- 5

100

D E B E N T U R E S SOLD B Y C A N A D IA N M U N IC IP A L IT IE S IN M A Y ,
Price.
Amount.
Maturity.
Page.
Name.
Rate.
99.50
$ 2,000
1931
1661--A da m son Sch. D ist., S a s k .— o A
25.000
1912-1921
1661 - - Alta & Sask. School Districts. 6
191119305.000
1 5 1 9 --A rthur, O n t .- - - - - - - - - - - - - - 4 A
101
191219213.000
1661. -Balm oral S. D. N o. 292, A lt a ., a
101.50
59.000
1931
1589,-B a n n a tyn e Sch. Dist., Man— a
15.000
1926
1 456-.B lggar, Sask — .................. ........ 6
100
30.000 101.50
1946
103.25
1 3 9 5 ..
Black Lake, Q ue---- u
1.000 100.60
1921
1 5 1 9 ..
Blaine L a k cS .D .N o.2571,Sask. 6
5.000
1589-.B lalrm ore Sch. D ist., A lta ------ - 50.000
"T 9 4 T "
1 3 9 5 .-B randon, M a n .. - - - - - - - - - - - 5
100.055
2.000
1921
1456_ .B roadview , S .D . No. 2290,A lta .6 A
13,471
1931
1589. iBrockvIllc, O n t........................... 4 A
4.000
1926
Brownlee, S a s k --------------- o A
101.785 1589. .
958.000
1951
1 3 3 3 .-B urnaby, B .C ------------------------ * A
102.516
9.000
1589--C aledonia, S a s k ........................ - 105
87.000
1941
1 5 1 9 . -Cold Stream, B . C - - - - - - ­
1,200
1912-1921
.
.
6
1519. .C om et S. D. No. 2301, Alta
200.000
1941
1 3 3 4 ..
Coquitlam, B . C --- - ­ . . 5
100
3.00 ,
1589- Darllngford Sch. Dist., M a n .. - ­
101.58
112,000
1395 .D auphin, Man. (2 Issues).............
102.525
2.500
1931
97.675 1 5 8 9 .-D avidson, Sask....... ...................... § A
18,402
1 5 1 9 ..
Dereham T w p ., O n t - - .....4
100.833
3.000
1926
1520.
-D u bu c, Sask------------------- 6
100.06
1.500
1926
152 0 ,-E lfros, Sask---------------------------- 6
100.01
8.000
1 3 9 5 .-E lkhorn S. D. N o. 366, M an------100
5.500 104.327
1931
1520. .E nderby, B. C -------------------------- 6
101.58
1,800
1921
4,000
1926
6
107.876
2,000
1921
8
112.04
161,300
1520.F
o
r
t
William,
100
25,000 102.148
1931
4A
9,000
1912-1931
5
1589.
100
100,000
1941
5
9,114
1912-1931
5
1395. -Ilespcler, O n t.
100
1,500
1912-1918
6
1589--H u m b o ld t, Sai
102.028
5
140,000
101.916
145,000
99.01
1951
158 9 -Lachine, Que.................... 4 A
102.20
20,000
1931
1 5 8 9 .. Laurler, Sask......... - - - - - - - - - - . 5 A
2,000
100.4075
1912-1921
6
1520-.L Inden S. D. N o. 2692, S a s k 94.015
6,500
1926
1395- -Macklln, S a sk -.............................. 5
100
1,000
96.10
1912-1926
1 6 6 2 ..
Maidstone, Sask................... 6
100
6.000
1926
1590. .M orse, S a s k ............................... - - 5 k
100
30,000
1931
1590-N analm o, B . C--------------100.028
7,185
1931
1520- -N eepaw a, O n t------------------------. 5
13,500
95
1931
1520. .
New Ltskcard, O n t--------1,700 100
5,000
1912-1931
.
4
A
1
5
9
0
.-N
ewm
arket,
O
n
t.......
.................
102.07
15.000
______
_
497,000
1961
.
4
A
133 4 .-N ew Westminster, B. C --------73.000 102.154
92,000
1941
1 3 3 4 --N ew Westminster, B . C --------- . 4 A
15,000 101.40
136,000
1961
1590
.
-N
orth
Vancouver,
B.
C--------102.57
10,000
750,000
7.488 101.392
89.27
4,000
1931
152 0 . . Peach land, B. C. (2 Issues) —
57,000
3,000 100
_
5
100T655
200,000
1921&1951
23,262
_
5
28,000 100.896 1457 . -P ortage la Prairie,
13,000
1912-1941
- 4A
1457 -P ort H ope, O n t ...
7,500
5,000
1933
. 4
1 45 7 .-P ort H ope, O nt-^.
20,000 108.018
21,400
1912-1941
_ 5
5,000 100
75,000
1929
- 4A
100,000 105.30
229,200 100.151
- 4A
1590— Regina, Sask. (10 issues).
6,000 100
400,000 104.57
—
15.000
59,000
97.818
1.334--R
e
vclsto
k
e
,
B
.
C
.
.
.
10,000
1,000 100.40
..
6
1662—S t. Paul S. D . N o. 2228
50,000
182,482
1916-1931
- 4A
1334..
-S t. Thom as, O n t7,000
5,000
1591-.S eam an, Sask..................
75,000
30,000
1940
- 5
1591--S hell R iver, M a n ..........
40,000 100
97
95,000
1912-1941
.. 5
1334. .
50uris, M a n --------395,000 105.721
2,000
1921
8
1334. .Spy Hill, Sask-----------5,000 100
4.000
1912-1931
1457 Starbuck Consol. S. D ., M a n .- o k
29,676 100
12,000
1912-1941
1457. .
5tirling, O n t - . . . - - - .........
18,000 100
154,830
1912-1951
1 33 4 .-Sw ift Current, Sask----------------- 6
20,000 101.075
45.000
1940
133 4 -.S yd n ey, N. S ................................. * A
50,000 102.6375
2,500
1591--T h eod ore, S a s k ..............................
20,000 104.07
96.20
25.000
191171940
1457. -Tlllsonburg, O n t ........................... * A
50,000 104.16
1921
1.000
152 0 --T o g o , S a s k ------------- - - , ------------ ®
335,000 103.031
14.000
1912-1931
1520--Tyv&n
Sch.
Dist.,
Sask--------120,000 103.13
360,0001
( 1921
40,000 105.226
175,000 f
( 1961
1334,-V IctorIa, B . C -------------------------- 4
49,870
25.000J
l 1936
10,500
1912-1941
1591 ..W a tro u s Sch. Dist., Sask------ 5 A
10.000
1395 .W eston , O nt.............................. - - 58,136
98
191271961
1591--W ctaaklw ln, A lb e r ta .................5
12,000
1912-1931
1395-.W in k le r S. D. N o. 747, M a n .. 5
dl940-1960 4,379,850 100
1662--W in n ip eg, M a n -----------------------4
102.472

100

X o r L v ^oins reported, and whfch do not belong In the list, x Taken by
Blnklng fund M an Investment. 1/ And other considerations.




Total May disposals------------------------------------------------ $10,225,632

T H E C H R O N IC L E

165?

A D D IT IO N A L , SALE S OF D E B E N T U R E S FO R PR E V IO U S M O N TH S.

IficfL co m ct S. D?No\ 25M. Saak. * 6 %

1 W

®

^“

o ' lO O ^ '

that Kansas City, M o., must pay taxes on its water-works
located in Kansas City, Kan.

100.875
99
____
101.25
97.75

The property Is valued at about $200,000, It is said
Under the Kansas
but SaccordIne t (^ h e T onei^"?^Crt;}f*If
S tat^ is exem pt*from ta^ t?on *
a
m
unicipality
f?om
aJothPr
ta
’
t.he
SuPrcme
Court
says thatnfwhen
a municipality irorn another State com es Into Kansas as a nronrlofnr
anv
ant^the^'ame 5letra 1 res'! r afntvnrui' " V vAdUa* and ls 25bj“ t t o th e s a m e ta x e s
nSl righh t r S Ca1Cfnun?cUa"Ry c h t S ' l ^ K ^ n s a s ' !
‘ “ ^ vld u a l, and has

1456. .L a b rec S. D. No. 2309, Alta"
(M arch )---------------5
1012- 10?1
$800
1 3 3 4 ..
Monarch. A lta ________
«
1021 1
1,500
1 5 9 0 ..
Plnchcr City, A l t a . . .
" 7 in i? 1 o ? t
1 6 6 2 ..
Radford Lodge S. D „ Sask~"‘ 6 U
8 1931 21 2,000
200
1931
1 6 6 2 ..
5 .a r City, Saslt_'
1.000
1 5 9 1 ..
5 . i f t Current, Sask___ 0
1812-1921
104,830

r,n “ ie , ,?XC Sides (except as indicated) are for April.
1 hose additional April issues will make the total sales of
debentures for that month $4,518,949.

News Items.
Arkansas.

fV()L. LXXXXII.

Extra Session of Legislature Ends.— The Legis

lature, which convened in special session on May 22 ad­
journed on June 10. With the exception of the change in
the management of the penitentiary, all the legislation men­
tioned in the Governor’s call was passed at the special session
See V . 92, p. 1386.

Atlanta, Ga.— Committee Appointed to Draw Up Commis­
sion Government Charter.— At a meeting of a large number of
citizens on June 6, a committee of five was appointed to draft
a new city charter providing for the commission form of gov­
ernment. The measure will be sent to the Legislature and
if passed by that body, will be submitted to the voters!

Minneapolis, Minn.— Bonds Declared Valid by District
S ’H
r 11 t> dc^ S10ri rpridfed June 7, District Court Judge
Wilbur 1 Booth upheld the validity of the park bonds re­
cently refused by Blake Bros. & Co. of Boston. See V . 92,
p. PI5*3.
. o 5 3 r / Mv . s ; v w
$300,000 bonds was authorized, and in 1911 a law was passed giving authn?*
Ity to Issue $275,000 bonds In that year and a like amount In i o i j U o n
n!>a t h l } 9 )n a public offering of bonds was made and $150,000 worth awarded

flmu1

ii,o

™

m!™

I ’C fr'S'llelr S i

m hi* H10 A cts’ , A ccording to the Minneapolis "J o u rn a l,” Judge Booth
l in osCT T k t n t ' llaJ S hhat thc Act3»,are r!ot hlcntical, nor for Identical
law, he says, mentions Improvements of lakes while
and l 9
% 1 aw0
sCex7s0to,. i l « “ »«<>“ . hc W
the legislators knew the m o ?

Bayonne, N. J.— Voters Defeat Commission Plan of Govern­
-m T / 7 ?
City .— Depositories Required to Secure Deposits
ment.— The election held June 13 on the question of adopting vh
with City Bonds. Senator Grady’s bill, requiring banks and

the commission form of government (V . 92, p . 1577) resulted
in a vote of 2,234 “ for” to 2,236 “ against.” The final vote
is still in doubt, however, as two ballots were rejected as
improperly marked and will now go to the County Board of
elections for a final decision. If these votes are ordered for
the commission plan, the result will be a tie and a new election
will have to be ordered. The total vote cast is said to be
about 6 6 % of the vote cast at the gubernatorial election last
fall.
Irenton will vote June 20 and Hoboken on June 27 on
the commission form of government. See items below.
Chicago, 111.— Bonds Declared Invalid.— The $4,655 000
4 % bridge-construction and $900,000 funding bonds voted
on April 4 (V 92, p . 974) have been declared invalid, we
arc informed, by reason of the failure to mention the issues
in advertisements prior to the election. The $900,000 fund­
ing bonds were sold on May 24, as stated in V. 92, p . 1450
in order to validate the issues the city will either have to
hold a special election, have a validating bill passed by the
Legislature which is now in special session, or appeal to the
Supreme Court in the hope that the latter will hold that the
bonds were legally authorized.
Chinese Government Loan .— Offering.— J . P. Morgan &
Co., Kuhn, Loeb & Co., the First National Bank and the
National City Bank of this city offered at public subscrip­
tion last week £1 ,5 0 0 ,0 0 0 of the first series of £6 ,000,000
5 % sterling bonds constituting part of the Imperial Chinese
Government 5 % Hukuang Railways sinking fund gold
loan of 1911, which is limited to £1 0,000,000
Install­
ments of £1 ,500 ,00 0 each were also offered by the
Hongkong & Shanghai Banking Corporation, London, the
Deutsch-Asiatische Bank, Berlin, and the Banque de 1’IndoChme Pans.
Ihe subscription lists have been closed in
New York, London and Berlin, the bonds having been sev­
eral tunes oversubscribed.

trust companies which have been designated for the deposit
city moneys to deposit city bonds as security was signed
by Governor Due on June 12. The bill is in the form of an
amendment to Section 196 of the City Charter, and we print
below the part added to this section!
P
th e* pro vIsions* o^UikT sec t?o n Y fa fi 1Y r ° r th,e dcp,'lslt ot city m oneys under
such as arc of a t o m r L r ? ? , „
I’ befof e deposits arc m ade, other than

stock3 revemIP*h«nrt? oPtI ller o u4standIng unraatured bonds, corporate
stock, revenue bonds, assessment bonds or other obligations issued hv the
C ty of New York the value of which at existing: prices on the open
thn ch h m ?U i f °
'estim ated amount of thc proposed deposit, for which
tuiC pham berlaln and Comptroller shall deliver a certificate of deposit eonn-w-f nf tho .c ? nii t ,orls ° f sai,d surety bond. On thc withdrawal ot all or a
° * thS fp. ' lls deposited In any depository and a closing or depleting of
or ln tllc event of the deposit actually made Eelngfess
J ro ficrs L il c m i f v t o Y r h L ° /o SUCh deposit, the Chamberlain and Comp'the surrender^f the
settlement or depiction or difference, and direct
owner o ? owners thereof?
Proportionate share of such deposit to the

T7r??buVri^ Urt\er n Indict!nents Against Legislators .— The
County Grand Jury, which has been investigating
alleged corruption in the General Assembly adjourned inS e S S X f i V \Un°( 9 aftep indicting three legislators, a State
Senate official, a former Mayor of the city of Columbus, and
others whose names were not made public. The legislators
just indicted are Senator Thos. A . Dean of Sandusky County
and Representatives Frank M. Calvey of Cuyahoga County
and George B .N y e of Pike County. Nye, who was acquitted
S"
-1 ? f th.c charge of soliciting a bribe of $500 from the
state Printer, is now jointly indicted with S. F. Harrison of
Cleveland, assistant sergeant-at-arms of the Senate, and
charged with soliciting bribes from other persons. Senator
Dean is jointly indicted with Anson Bond, ex-Mayor of
Columbus. See Y . 92, p . 1578, 1511, 1386, 1263.
exchange Axed for subscriptions In New York Is $4 86 H Dcr
Oklahoma City, Okla.— Supreme Court Upholds Commis­
fn terest n l u r 5.i n!!ur
f *f■ iSterling,
c ^ s Jaccording
Yor l f , Issuc
prIccusage
of 97
Y nNew
d a York
c M
sion Form of Government.— On June 8 the State Supreme
to the
ot%the
Stock Exchange) Is the equivalent of 99 % and accrued Interest I ondnn Court in an oral opinion rendered by Justice S. YV Hayes
decided that the commission form of government provided
N e w Y o rk funds a s 'fo .lo w s l^ n
p e r ^ m o bond- on July ! l
m the new city charter (V . 92, p. 747) was constitutional
and that the election thereunder of a Mayor and four com?
missioners on May 9 was properly held. According to the
er^ n f.r?vTtHC^krlfC-VCe i ^
Interest at the rate of 5% per annum, payable Dee k , v i , ! r,!: awacnea lor
Oklahoman,” the Court stated that, “ as it had already
six-m onths’ coupon for £ 2: 10:0 per £100 w llPbe payable Dec ° i 5 V l V
practically held that the commission form of government
Principal and Interest payable In London in Sterling and „ x ™ v w i 1/
Germany and France In dollars, reichsmarks and francs respectively I t t h i was constitutional in the Tulsa case, that case was followed
exchange of the day on London. The loan Is redeemable at i m i iih in n
years from June 15 1911, by annual drawings com m encing Dec* 15 io ? i in and the broad proposition advanced that the people have
accordance with the amortization table which will be printed on tim b o n l- an inherent right to form any charter government that does
the first payment being made on June 15 1922. The Imperial r h in » .«
Government has, however, the right, on giving six m onths’ prevlou^notice not conflict with the fundamental laws of the State.”
to the contractors tor the loan, to increase the amounts for redemption on
Pennsylvania.— New Law Changing Councilmanic Si/stem
or after that date; any bonds so redeemed In advance of scheduled date ud
to June 15 1928 arc to be redeemed at a premium of 2 H % v i z . - a t £ i n ? in Second-Class Cities.— Act No. 192, Laws of 1911, approved
10s. per £100 bond, but after that date redem ption will be at par
When
&
the bonds will be payable at the offices of the contracting banks in May 31, abolishes the select and common councils in cities of
London, New York, Germany and France.
the second class and provides a new body to be known as “ the
The advertisement on a preceding page offering the bonds for council, ’ which shall consist of not less than five members
sale is printed as a matter of record, the bonds having all been sold onn n ™ addiitional member for each 75,000 inhabitants over
Hoboken, N . J .— Commission Form of Government to Be 200,000 as shown by the last U. S. Census. Under the Act
Voted Upon. On June 27 a vote will be taken, it is stated, reierred to, the Governor is authorized to appoint m e m b e r s
°n. the question of changing the city government to the com- of coancfi in each city of the second class now existing who
rmssion form provided in the law passed at the last session shal hold office until Jan. 1 1912, and thereafter meinbers
o the Legislature. The plan was defeated in Bayonne on are to be ejected by the people. Nine new councilmen fer­
June 13 (see item above) and will be voted upon in Trenton tile city of I ittsburgh have been appointed by the Governor
and have taken the oath of office.
overnor
on June 20, as stated below.
Gove nor Vetoes Bill Increasing Salary of Legislators —
Hoquiam, Chehalis County, Wash.— Commission Form of Governor
Tener on June 15 vetoed a bill increasing the
Government Adopted.— An election held June 5 resulted, it is
salaries of members of the Legislature from $1,500 a session
stated, in favor of the commission form of government. The
io o_,4UU. At the same time a number of other pronnsorl
ifeo <<VOt? ’ ? » X,
of tho registration, was 478 “ for” to
269 against the change. It is reported also that this is increases of salaries in various State Departments were
Ihe Governor’s comment on the bill incroisinothe first second-class city in the State to go under the com­ vetoed.
mission charter law provided by the last session of the Legis­ legislator s salaries was: “ The compensation and allowances
lature.
I he city will now be governed by a Mayor and two are not excessive, but after careful consideration, I feel* that
commissioners.
; ; : ; : ; ; ; •;
................
the condition of the State revenues does not justifv the
increases authorized.”
J
y Lae
^ Kansas City, Mo .— City Must P^pTaxeson Water- Works
Located in Kansas.— The Supreme Court on June 10 decided
° f C° ° S Bay’ Coos 0ounty» Ore.— Bonds Declared
Valid. A newspaper dispatch from Marshfield, June 5,




ju n k

T H E C H R O N IC L E

17 1 91 1 .1

states that a decision has been rendered by Judge John S.
Coke upholding the validity of the $300,000 harbor-improve­
ment bonds voted last December. See V. 91, p. 17J3.
Sea Isle City, Cape May County, N. J .— Bond Issues Set
Aside.— Newspaper dispatches state that on June 14 the
Supreme Court set aside two ordinances passed by Sea Isle
City one of which provided for a bond issue of $20,000 for the
construction of a lighting plant and other for an issue of
$25,000 for street-improvements and fire-apparatus,
ifie
ground taken by the Court, it is stated, was that the ordin­
ances were not passed in accordance with the statutory
requirements. The proceedings were attacked by George
H . Brooks.
Trenton, N. J .— Election on Commission Plan of Govern­
ment.— This city will be second in the State to vote on the
commission plan of government provided in the Act recently
passed by the Legislature. As stated in items above,
Bayonne apparently defeated the proposition on June 13, and
the matter will be voted upon by the citizens of Hoboken
on June 27.
_

ALABAMA.— Temporary Loan — Arrangements have keen made with the
A m erican Exchange N at. Bank of N. Y . for a loan of $m 0,000 at 3 H /o lnt
to m eet any dellclt which might arise In the State Treasury within the
im m ediate future.
ALAMEDA COUNTY (P. O. Oakland), C a l .- Bonds
osltlon to Issue the $500,000 hospital bonds (V . 92, p. 89o) was deteateu
on June 6, accordin g to reports.
ALBANY, Dougherty County, Ga.— Bonds Voted.— J h e election held
June 12 resulted In favor of the question of Issuing the $o0,000 gas-plant,
$ 10,000 park-Im pt., $ 5,000 str., $ 10,000 cem etery, $12,500 water & sewerext. and $12,500 str. im pt. 5 % 3 0 y r . bds. (V . 9 2 ,p. 1578). D enom . $1,000.
Int. seml-ann. Due In 30 years. Vote was 370 to 37.
ALBANY. N. Y .— Bond Sale:— On June 12 the $200,000 1-20-yr. (ser.)
sch. and $93,500 1-10-yr. (ser.) 4% reg. bds. (V. 92, p. 1512) were awarded
to C. H . Venner & Co. of A lbany at 100.062 & Int. Other bids follow:
A . B. Leach & C o., N. Y ____100.031 IJos. Hahn, A lb a n y........ .................par
Hom e Savings Bank, A lbany
par|Nat. Com . Bank, A lb a n y..............par

United States.— U . S. Senate Passes Resolution Providing
for Election of Members by Direct Vote.— The resolution pro­
posing a Constitutional Amendment so as to provide for the
election of U . S. Senators by direct popular vote, instead of
being chosen by the State legislatures as at present, was
passed in the U . S. Senate on June 12 by a vote of G4 to 2 4 more than the necessary two-thirds. An amendment of­
fered by Senator Bristow, reserving to Congress the power to
prescribe the time, places and manner of holding such elec­
tions, was included by a vote of 45 to 44, the Vice-President
casting the deciding vote. As previously stated, a resolution
containing a similar amendment was defeated by the Senate
during the regular session. When the resolution passed the
House on April 13, the proposition to give Congress the power
to regulate the elections was defeated by a vote of 190 to 131.
An amendment by Senator Bacon, qualifying the Bristow
amendment to prohibit Federal supervision unless a btate
legislature should refuse or fail to act, was defeated by the
Senate on June 12, the vote being 40 to 43.
The Senate
resolution will now have to be concurred in by the House
before the proposed change in the Constitution can be acted
upon by the various State legislatures.
Wichita, Kan.— Sale of Water Plant Pending— The
Topeka “ Capital” of June 3 states that the city is negotiating
with the Wichita Water Co. for the sale of its plant. The
company has offered to sell its property for $1,303,000.
Wisconsin.— Senate Passes Income Tax Bill.— The Senate
on June 14 passed a bill providing for a graduated tax on in­
comes. Just prior to passage a referendum clause was at­
tached to the bill providing, it is stated, that it shall not go
into effect unless approved by a majority of the voters at the
general election in November 1912.

Youngsville Township (P. O. Youngsville), Franklin
County, No. Caro.— Bonds Declared Valid.— According to
local papers the $25,000 5 % 30-year registered road-construc­
tion bonds offered on March 21 (V . 92, p. 900) were declared
valid in a decision written by Judge Hoke of the btate oupreme Court handed down on May 31.
B on d

C a lls

and

R e d e m p tio n s .

Chicago, 111.— West Chicago Park District.— Bond Call.—
On July 1 the following 5 % bonds, of the denomination of
$1,000 each, will be redeemed at the Continental & Commer­
cial National Bank in Chicago:
„
,
.
,
$20,000 bonds of the $300,000'Issu e dated July 1 1897 and numbered
as follows: 71), 105. 214, 26, 85, 230, 251, 179, 283, 284, 247, 299, 270, 266,
35$ 40,0004bonds’ of
follow s• 24 1 351.
490 263 507,’ 277,
597! 363! 177, 341,

1653

the $600,000 Issue dated July 1 1895 and numbered as
4, 4(58, 325, 34, 15, 409, 27, 26, 314, olO, 41, 580, 152,
66. 406, 289, 253, 294, 103, 533, 39, 80, 258, 281, 246,
594, 322, 598. 298.

ALEXANDRIA INDEPENDENT SCHOOL DISTRICT (P. O. Alex­
andria), Harrison County, So. Dak.— Bids Rejected.— 'T he following bids
received on June 10 for the $5,000 5% 5-10-yr. (opt.) coup ref. bds. (V . 92.
p. 1578) were rejected:
C. H . Coffin, C hicago......... ............................-$ 5 ,0 1 1 less $250 for expenses
H . C. Speer & Sons C o., Chicago___________ $5,000 less $100 for expenses

ALE vANDRIA SCHOOL DISTRICT (P. O. Alexandria), Thayer County,

Neb — Bond Sale.— An Issue of $12,000 6% cou p. sch. bds. was disposed of
on May 19 to the State of Nebraska at 112.75. In t. annual. Due 1930,
optional 1920.
A LI IANCE. Stark County, Ohio.— Bond Sale.— The follow ing bids were
received on June 13 for the $15,200 and $2,200 4 M % 17-yr. cou p , str.-im pt.
$ 2,200
(city’s portion) bonds (V . 92, p. 15 78):
$15,200
$2,200
*
iissue.
ssu e
i s sissue.
u e.
,a$15,997 00
$2,291 00
a2,307 14
. 15,940 24
2,246 25
.
15,969 75
2,294 00
. 15,967 00
2,207 00
15,967 00
15,915 00
2,302 74
_ 15,909 84
. 15,847 52
a Successful bidder.
AMORY Monroe C ounty, M iss.— Bids Rejected— Bond Offering .— T h e
following bids at par were received on June 6 for the $65,000 5 K % 20-yr.
water & sewer bds. (V . 92, p. 1512) and were rejected- Cutter, May & C o.,
John Nuvecn & C o., S. A . Kean & C o., Ulen & C o. all of C hic.: New First
Nat. Bank of Colum ., and the People’s Bank & Trust Co. Proposals are
again asked for until 8 p. m . July 4.
AND REW S COUNTY (P . O . A ndrew s), T e x .— Bonds Registered.— On
Ji ne 9 the State Com ptroller registered the $8,000 5% 10-20-yr. (opt.)
court-house bds. awarded to the State School Fund at par & lnt.V . 92. p.1578
ARCHBOLD, Fulton C ounty, O hio.— Bond Offering.— Proposals will be
received until 12 in. June 19 oy Ura E . Lauder, Clerk, for $15,000 4 H %
cou p. North Defiance St. bonds.
Denom. $1,500. Date .June 20 1911. Int. J. & D . Due $1,500 yearly
June 20 1912 to 1921, Incl. Bonds to be delivered and paid for within 10
days from time of award. Cert, checks for 2 'A% o f bonds bid for, payable
to Village Trcas required. Purchaser of 5 or more of the bonds shall be
required to furnish to the village, free of charge, printed or lithographed bonds,
with necessary coupons attached thereto and also pay accrued int.
In addition to the above, proposals will also be received until 12 m . July 1
by the Village Clerk for $3,000 4 \4% cou p, town-hall bds. Denom . $250.
D a tcJ u ly 1 1911. Int. J. & J . Due part y ’ ly on July 1 from 1916 to 1918.
incl. Bonds to be delivered and paid for within 10 days from tim e of
award. Cert, check for 2 *4% of bonds bid for, payable to Village Trcas.
required. Purchaser shall be required to furnish the village, free of charge,
printed or lithographed bonds with necessary coupons attached thereto,
and also pay accrued Interest.
A RU N DEL SCHOOL DISTRICT. Merced C ounty. Cal.— Bond S a le —
The Merced Security Savings Bank was awarded, It is stated, $3,000 o%
bds. for $3,073, making the price 102.433.
ASH TABULA, Ashtabula County. Ohi o .— Bonds Authorized .— An
ordinance has been passed providing for the Issuance of $24,0005% cou p.
Prosoect Street assessment bonds. Denom . $800. Date April 1 1911.
Int. A . & O. Maturity $2,400 yearly on O ct. 1 from 1911 to 1920 Incl.
ASTORIA Clatsop C ounty. Ore.— Bonds Not Sold.— The $50,000 ref.
bds ollered on June 5 (V . 92, p. 1327) were not s o 'd . W e are advised by
the A uditor that the autho-lty under which these bonds were advertised
was deemed Insufficient, ai d that an ordinance will be passed authorizing
the re-olferlng of them.
ATLANTA Ga.— Bids.— On June 6 the follow ing bids were received for
the three Issues of 4 14% cou p, (with p riv. of reg.) bds. (V . 92, p . 1597)
a war id to the syndicate com posed of W ell, Roth & Co. and the Provident
Sav Bk & Trust C o., both of Cincinnati, Curtis & Sanger of Boston and the
Georgia Mtgc. & Trust Co. of Atlanta. ^ ^ % ^ 2- % b1a8t o 0ooabOU$t44503o6o•
Bonds.
Bonds.
Bonds.
W ell, Roth & C o., et a l . . . .................. $213,727 50 $182,745 00 $456,322 50
W m . A . Read & Co. and 1
__
__ ____ __
Hanover Nat. Bank_____ /N ew Y ork 212,586 00
182,030 00 454,831 50
Townsend, Scott & Son, Baltimore-1
_ ...................
C. E . Denison & C o., Cleveland____ | 211,833 30
181,468 40 453,443 50
Breed & Harrison, Cincinnati______ J
__
A B Leach & C o.. Chicago....... ........... 211,428 00 181,116 00 452,790 00
Trust Co. of Georgia,Atlanta(3 Issues)— ---------------- 851,160 50-------------------- •
J . II. Hilsman & C o., A tlantal (for 3
Harris, Forbes & C o., N . Y . . /issues)------------------- ■ 849,987 60--------------------- •
E. II. Rollins & Sons, Boston (for 3
Kissel, Klnnlcutt & C o., N^. Y j Issues)-------------------- 844,779 60---------------------

'* A <bld'w«is also received from Harris, Forbes & Co. of N. Y ., but was re­
jected as being Irregular. All bids include accrued Interest.
ATTLEBORO. Bristol C ounty. Mass.—-Bond Offering.— Proposalsi will be
will cease on the outstanding water bds. of this precinct. received until June 27 for $35,000 4% water bds., It Is stated. Date July 1
1911. Due $1,500 yrly. from 1912 to 1921 Incl. and $1,000 yrly. from
They will be redeemed at the Shawmut National Bank of 1922 to 1941 incl.
Boston or at the Manchester National Bank of Manchcstci.
AX TELL INDEPENDENT SCHOOL DISTRICT (P . O. A xtell). Mc­
Lennan C ounty, T ex.— Bonds Registered & Sold.— On June 10 the State
United States of Brazil— State of Sao Paulo.— Bonds School
Fund was awarded $4,000 5% 10-20-yr. (opt.) bds. at par & lnt.
Drawn for Redemption— London cable advices report that These bonds were registered on the same day by the State Comptroller.
AVI-P Middlesex County. M ass.— Bond Sale.— Curtis & Sanger of Bos­
of the £1 5,000,000 sterling 5 % Treasury bonds of 1908 the
ton L e r ’e ^ r t e d as having purchased $20,000 4 % 20-yr. (av.) water bds.
following have been drawn for payment July l: 180 of £1,000 at 104.55— a basis o f about 3 .6 7 7 % .
each (£ 180,000), 362 of £500 each (£181,000), 2,945 of £200
A7USA Los Angeles C ounty, Cal.— Bond Election.— A proposition to
each (£589,000), 3,125 of £100 each (£313,500), 2,774 of £50 Issue $8,000 5% 1- 8-y r. (ser.) hlgh-sch. bds. will be submitted to a vote.
It
is
stated, on June 20.
each (£138,700), 24,890 of £20 each (£497,800), total,
u n i n i g i t V Stark C ounty. Ohio.— Bond Sale Postponed.— The sale
£1 ,900 ,00 0. Furthermore, of the £5 ,000 ,00 0 bonds of the o tu T e $10 500 5’% coup s u - lm pt. bds. which was to have taken place
above loan issued in Paris, £950,000 will be redeemed,.making June 14 (V . 92, p. 1579) has been postponed until June 28.
BE I LE PLA IN E , Benton C ounty, Iow a.— Bond Election.— An election
a grand total in all of £2,850 ,00 0. The half-yearly interest
will be held July 10, It Is stated, to vote on a proposition to Issue $lo,0 00
due July 1 will be paid at the banking house of J. Henry sewrer bds.
Schroeder & Co.
BERGEN COUNTY (P. O. H ackensack), N. J .— Bond Sale.— Harris,
Forbes & Co of New York City purchased $400,000 4 H % 17-yr. (aver )
Wheeling, W . Va — Bond Call.— Payment will be made on bonds
on June 5 at 103.434— a basis of about 4 .2 1 5 % . Denom . $1,000.
July 1 at the Bank of Ohio Valley in Wheeling of the fol­ Date May 1 1911. Int. M. & N.
BIGGS SCHOOL DISTRICT, Butte C ounty, Cal.— Bond ale.— The $25,lowing bonds:
K.lo
. l a t n . l .1 l i n e 1 0 1 0 1 1 I V
!>?
n
1 S1 .1 1
Bonds of the loan of 1885 numbered 77, 61, 32, 103, 78, 73 and 31 for
$500 each and 290, 1 11, 130, 302, 228, 205 and 286 for $ 1,000 each.
* Main St. bridge bonds (1st series) numbered 121 and 139 for $o00 each.
N W Halsev & C O ., san
r .f z a .9 1 1 ft. n . n u m u a oc o u u s , LWU
J . ' h . A d a m s & C o.. Los A n g . 25,731 |G. G. Blym yer & C o.. San Fr. 25.178
B o n d P r o p o s a l s a n d N e g o t i a t i o n s th is w e e k
BIRMINGHAM, Ala.— Bond Election.— An election will be held on July 3
to vote on the proposition to Issue the $1,300,000 5% 30-yr. gen. deficiency
h a v e been, as fo llo w s :
bds. (V . 92, p. 1450).
ABI: R DEEN, Monroe C ounty, M iss.— Bond Sale.— On June 7 the $20,000
BLUFETON SCHOOL DISTRICT (P. O.BIuffton). Allen County. Ohio.—
19-yr (aver > city-hall and the $5,000 16-yr. (aver.) sell. 5% cou p. bds. Bond Offering.— Proposals will be rece iv e d until 10 a. m . June 26 by D . S
(V . 92. p. 1449) were purchased by the Monroe B a r i n g & Trust Go. of B ce s h y , Clerk, for the $35,000 4% cou p, hlgh-school bds. A uthority Sec.
Aberdeen at 101.25 and Interest

Goffstown Village Fire Precinct (P. O. Goffstown), Hills­
boro County, N. H .— Bond Call— On Aug. 1 1911 interest




J(>54

THE

C H R O N IC L E

each5 ’ D a ^ Mav°ClC- i o n en0^ ; 10' bt,ls' of ^ 0 0 each and 40 bds. of $750
Ljatc May 1 1011. Int. semi-annually at the District Treasurer’*?
$750 each*o\ nos°from' M ay°l / 9201t ^ r ? o v ! l *1939 f r
UC
o ^ T o tax -cx ernpt*3dS Wd ^

'c l r t 9 check o ^ a

Payable to

M ay 20 f y a f „
bofnLls wcrc reported disposed o f on
flrsf sale Yalled P0f Consummation ! 0 “ 0t VCt been advlsed- how ever- why the
BOWMAN COUNTY (I*. O. Bowman), No D ak__ Bond S a le __ T I
D l 5ei 3)r a ^ 02T 4 a h^lC n?e 2 th« * 0 0 .0 * 5% regls. fin d in g bds’. (V.’ 92,'
p .1 5 13 ) at 102.14— a basis of about 4 .8 3 % . Date July 1 1911. Due 20 yrs.

$20 000 4
Fn
Westchester County. N. \ . — B o n d Sale.— The
lvaw ardM M C
i ^ g ' w.atcr bond9 ( v - 9~- P- 273), were reccntDaleSent 1 1fl^oW ‘ rn?'il/ f S°'
New Yock at 100.15. Denom. $1,000.
U r d in n 1 101° ’ Int'.Ml & S - Due $1,000 yrly. from 1915 to 1934 Incl.
be m-elvM
£,0U? ^ ' Neb. — B o n d O f f e r i n g .— Proposals wll
VOted o ! \ f rVh o^1 u < .y ttle„Yi‘ lagc Glerlc tor thc 517.500 5'% water bds.
i m h n 9 ( v - 9: - P- 9 74 )- A uth. Sec. 8927 C obbey’s Annotated

T rn l*0tJ « 2 2 -, Denom. $500. Date June 1 1911. Int. J . A D . at State
ireas. orrice In Lincoln. No d eot at present. Assess, va l., $100,000.
np/pH£a^BJ ^ W NSEHP £PMonroe), Union County, No. Caro.— Bonds

election held \Iay°13 ° n l°

ssue rallroad-ald bonds was defeated at an

s is n ffi

Eogan). Utah.— Bond Sale.— On June 1 the

(P-

$ 1.>0,000 4 >£ % 10-20-yr. (opt.) Logan sell. bldg. bds. (V . 92, p. 1450) were
awarded to the Cache Valley Banking Co. In Logan at 98 & Int. The sucon balance ° r a 30 agrccs to take local delivery, and pay the district 4 >$%

CANTON, Stark County,'Ohio.— Bonds Authorized.— The City Council
on May 29 passed an ordinance providing for the Issuance of $5,900 4 u %
st.-Im provt. assess, bds. D enom . $1,000 A $900. Date Mch. 1 1911
In t. M. A S. Due on Mch. 1, $1,000 In 1913 A 1914, $2,000 In 1915 and
$1,900 In 1916.
CANTON TOWNSHIP (P. O. Canton), Stark County, Ohio.— Bond Sale.
— On May 29 $14,000 5% 6-yr. (av.) road bds. were sold to the Prov Sav
Blc. & Trust Co. of Cine, at 103.806— a basis of about 4 .2 7 5 % . D enom ’
$1,000, except one bond of $3,000. Date May 26 1911. In t. M . A N
^ 2 ^ . Sale' ~ l^l! e 550,700 4 it % cou p. Imp. ods. offered on Ju, fllfl
p. 1580) were sold to Hayden, MlHer & Co. of Cleve. at 101.319 & Int. The
following bids were received:
Premiums.
Prem ium s.
H ayden, Miller & C o., Cleve a$689 00 Seasongood & Mayer, C ln ..c$567 00
Tlllotson A W olcott C o ., Cleve a642 22 Harry li. Fife, C anton_____ dl34 00
S tacy & Braun, T o le d o ____aOOI 65
P rov .S av .B k .A T r.C o., Cln. d30t 26
First Nat. Bank, C leve____ «526 60
Well, R oth & C o., C ln_____ x l l 5 00
a
*50,700 bds. c For $19,800 bds. d For $47,600 bds. x For
$15,700 DUS.
CHAR DON, Cieauga County, O hio.— Bonds Defeated.— The election held
on June 12 resulted In the defeat of the proposition to Issue the $10,000
water & s t - hds. (V . 92, p. 1581). There were 172 votes “ fo r’ * to
124 against.

CHARLOTTE COUNTY (P. O. Charlotte Court House), Va. — Bond Offer
r
*ipo2a,s w . be received until 12 m . June 26 by P. W . Morgan
impt ‘ f t ? 1° (v a od "p irJs!'1)' C om m lttcc> £° 1' Die following cou p, road
i hrT° ^ n d s’ Date April 1 1909. Int. annual.
60,000 5% bonds. Date July 1 1911. Int. semi-annual.
cr} ° m - $1,000. Int. payable at thc Treas. office. Due 40 yr 3., opt

after 20 yrs. Cert, check for $250 required.
*
CHATHAM, Pittsylvania County Va. — Bonds Awarded in Pari.— On
March I $3,000 of the $10,000 5% 30-yr. sch. bds. dated Sept. 1 1910 (V 01
p. 1196) were awarded to Dr. J . D . Jones at par. Thc remaining $7-000
Is being offered at private sale.
CHEHALISCOUNTY (P. O. M ontcsano), W ash. — B id .— W e are advised
that the best bid received on June 10 for $30,000 cou p. sch. bds. offered on
that day was one of par for 5% 1-20-yr. (opt.) bds., submitted by the State
of W ashington. A ction on this bid was postponed until to-day (June 17.)
CHICAGO, ILL.-WEST PARK DISTRICT. — Bond Sale.— 'The Harris
Trust A Sayings Bank of Chicago was the successful bidder on June 13 for
the $1,000,000 4 % 1-20-yr. (ser.) cou p, small park bds. V . 92, p. 1450.
COUNTY (P. O. H ugo), Okla.— Bond Sale.— The $125,000
1 1-20-yr. (ser.) court-house and Jail and the $120,000 25-yr. bridge 5%
cou p. bds. (V . 92, p. 975) were sold recently to Sutherlln & Co. o f Kansas
City, M o „ at 101 & int. Date June 1 1911. Int. J. A D.
..
ANSBURQ. Montgomery County, Va.— B ondSale.— On May 20
thei $40,000 5% 15-30-year (opt.) water bds. (V . 92, p. 1328) were awarded
to ulen & Go. of Chicago. Denom. $500. Int. J. & D. These bds. were
awarded on Dec. 10 1910 to S. A . Kean A Co. of Chicago, but owing to an
Irregularity In the election proceedings this sale was not consum m ated
The bonds were re-voted on April 24 1911.
CHURCHILL COUNTY (P. O. Fallon) Nev.— B ondSale.— On June 5 the
$7,500 7 M-year (aver.) telegraph and telephone and $10,000 5k(-yr. (av.)
road bds. (V. 92, p. 1450) were awarded to the Churchill County Bank of
Fallon at par for 6s. A bid of par less expenses of determining legality was
also received trom Farson, Son A Co. of Chicago.
CINCINNATI, Hamilton County, O hio.— Bond Offering.— Proposals will
be received until 12 m. July 1 1 by Ernst von Bargen, A uditor, for $300,000
4% cou p, hospital and pest-house bds. Securities are part of an Issue
of $2,365,000 bds. voted May 11 1909. (V. 92, p. 1581.) A uth. Sec. 2835 A
2837, R ev. State., and Sec. 3939 to 3954, Inch, Gen. Code. Denom. $500
Date July 1 1911. Int. J. A J. Due July 1 1966. Bds. are non-taxable.
Bids must be made on printed form furnished b y A uditor. Cert, check
for 5% of b nds bid for, payable to Auditor, required. Purchaser to pay
accrued int.
CLARENDON COUNTY SCHOOL DISTRICT NO. 20, So. Car.— Bond
Sale Not Consummated.— The sale of the 55,100 6% 30-yr. cou p. bds. (V . 92,
p. 1052) to C. H . Coffin of Chicago for 55,126 (100.509) was not consum ­
m ated. Mr. Coffin, we are advised, refused the bonds on the ground that
the assessment was too small. The Issue Is now being re-offered by Davis A
W eenberg, A ttorneys, of Manning, S. C. D enom . to suit purchaser. In­
terest annually.
CLARKE COUNTY (P. O. Athens), Oa.— Bond Election.— A proposition
to Issue $200,000 court-house and jail bonds will be voted upon July 11.
CLAY COUNTY (P. O. Liberty), Mo .— Bond Election.— A vote will be
taken on July 29, It Is stated, on the question of Issuing $150,000 Excelsior
Springs R ock Road District bds.
CLEVELAND, Ohio.— Bond Election.— A ccording to local papers the
city council committees on Judiciary and streets have recomm ended the
adoption of the council resolution providing for an election Sept. 15 to
vote on a proposition to Issue $ 1 ,000,000 street-opening bonds.
COFFEYVILLE, Montgomery County, Kans.— Bond Election.— An elec­
tion will be held next month, It Is stated, to vote on two bond propositions,
ono for $ 100,000 water bds. and several thousand dollars for school bds.
COKE COUNTY COMMON SCHOOL DISTRICT No. 2, T e x — Bond Sale.
— On June 10 $4,000 5% 40-yr. bds. were awarded to thc State School Fund
at par A Int.
_ COLONIAL BEACH, Westmoreland County, Va.— Bond Sale.— R . F.
Powell, of Maryland, was the successful bidder on June 29 for the $5,500
6% cou p. sch. bds. due June 9 1935. V. 92, p. 1514.
COLORADO SPRINGS. Colo.— Bond Sale.— On June 9 $175,000 15-yr.
water and $22,000 10-15-yr. sewer 4% cou p. bds. (V . 92, p. 1265 A 1052)
were awarded to E. H . Rollins A Sons of Denver for $189,691 35, making
the price 96.29. Other bids follow:
T . C. Pease, Colo. S p gs_$l88,3l2 30|Excli. Nat. B k.. Colo.Sp.$187.643 00
Denom. $1,000. Date of $175,000 Issue June 1 1911 and $22,000 Issue
M ay 1 1911. Int. seml-ann. at Chemical Nat. Bank In N. Y . City.
COLUMBUS, Ohio.— Bonds Authorized.— An ordinance has been passed
providing for the Issuance of $20,000 4% 20-yr. cou p, bath-house-andplayground bds. Denom. $1,000. Date not later than Sept. 1 1911. Int.
M . A S. at the agency of Columbus In New York.
COMANCHE. Stephens County, Okla. — Bond Offering.— W e arc advised,
under date of June 10 that proposals will be received in about 10 days by
R . J. Minton, City Clerk, for thc $7,000 water and $8,000 light 6% coup,
tax-free bds. (V . 92, p. 1581). D enom . $1,000. Date May 20 1911. Int.
M . A N . Cert, check for 10% , payable to the Clerk, required. Bonded




[ VOL. L X X X X l l .

$486’,00(L ^r-!jSi^SSUe’'^'*9,00° ’ ^ * ^ oa*''”deb£,^ “ ’ 999'

Assess. v a l. In 1910,

the* S ta te *o7 Minnesota D. Oran^/M arais). Minn.— Bond Safe.— On June 5
election w?ll b£\ ™ ' Juno Vo’ ’ I
*y.’ *M ich-— Bond Election.— An
$18,000 road bds.
n° 19, 1 s statecl> to vote on a proposition to Issue
J .^ ? .FAdams^A*Co
Merced C ounty, Cal.— Bond Sale.—
$7,000 5% bds. for $7,1 10°!inaIdn g\he°pr 1cc" 1(H ?65 7? ° ° ° ""d K t0 rCP° rtS’
about 5 9 8 7 % .

reports.

b

' Chlca- ° at 100.10 a n l blank bds.— a basis o f

V ote was* 102^ o i

faVOrably voted upon Juno 6 - according to

^ Ch« ° VVLEY, Arcadia Parish, La.— Bond Offering.— Further details are
at hand relative to thc offering on July 8 of the $75 000 5% conn Sixth
,a’ia, Cro,^ c y Drainage Dlst. bonds. V. 92, p 1582
Pioposals for
bonds will be received until 3 p. m . on that day by L. A . Williams
? 910y ’ f n t 1 r ’ W 3 i t 5nfnv,d 1,59, of 1992,- Denom. $500. Date N ov. 14
years’ In cf ont
VnP, ~CC ^ s ig n a ed by purchaser. Due from 1 to 31
op t. arter 20 yrs. Cert, check for $250, payable to the district
19lo$2M 46B 156S afC tax' o xcm p t- Bond. debt, this Issue. Assessed v a l’
d Is^osed^oni^f^ec”
^ 7f Sem
CKrlt,
,e3was
takenever
tho place
of the
bonds
P c i or last Dec. T( vT. ;n?/en
91, p.-T1527)
which
sale
consum
m ated.
rcceK eli, n.oMTs’ , ? a,l!dorlph
Oa.— Bond Offering .— Proposals will be
° m !e Unt 8 P‘
J une 21, It Is stated, for $20,000 water A light bds.
A r n nf
County. Ala .— Bond Sale.— During April VV. N. Color
A Lo. of New York City purchased $25,000 5% 30-yr coun citv-hall hnnrU
f* N1.1”Y Uexchange 90nsus - Denom. $1,000. D^te A i r i n '
t h e ^ l i o n ^ / B^ 9nS?,ur?t y . Neb.— Bonds Voied.— The proposition to Issue
tne $ io .°0 0 o % 5-20-yr. (opt.) water bds. (V . 92, p. 1390) carried by a v o te
of 11a to 46 at the election held on May 29.
y a v HC
DES MOINES. Io w t . — Bond Sale.— On June 12 the 5157 661
a' blaink°bondT.°' °FoUow^t/g^at^c th<tbkls: ° 0 ’ ° ' Gh‘Ca3° at l 0 2 i '! plus lat“'
A . B. Leach A C o., C h ic.$161,334 00 arrlsT r.A Sav,B't.,Chlc.$ 160,076 00
Merrill. Oldham A Co., ....................... H
John Wheeler Const. Co.,
um
js miiiiiiis
Boston ------ ---------------- 160,875 00
Dcs
M oines----------------- 160,661 OP
r° w a Sec. Co , Des Moines 160,712 90 Farson, Son A 'C o' C h ic' 159 ->15 op

M s & a i m s & w *— “
to the Bank of Commerce In Mansfield at par.
u awarueu
DETROIT, M ich.— Bond Sale.— 'T hc Comptroller advises us that the
$300,000 sch. A $130,000 sewer 3J^% 30-yr. coup, (with privilege of reg )
bds. (V . 92, p. 825) have been purchased with the city funds.
k
S'
DEVILS LAKE, Ramsey County, No. Dak.— Bond s a fe .— On Mav 1
$10,000 0% 20-yr. cou p. lire- bonds were awarded to T L Belseeher at
par. Date July 1 1911. Interest annual.
Reisecner a t

DIXON, Solano County, Cal. — Bond Sale.— J. H . Adams A Co of Los
Angeles were awarded $40,000 5% sewer bonds at $104.0775, it Is stated
POLAND INDEPENDENT SCHOOL DISTRICT NO. 21 (P. 0. Doland),

Spink County, So. Dak.— Bond Sale.— The $13,500 5 K % 20-yr. coup ref
bds. offered on May 27 (V . 92, p. 1390) were sold to the State at par.
« ™ L9B V JL L E . Herkimer County, N. Y .— Bond Sale.— On May 25
38,000 4.20%, fire-alarm A sewer bonds wore awarded at par. $2,500 tor’. ^ g,cr ^ - , , VVara and H '5U0 t0 E - [[ W hite
Denom. $250. Date
lOl^O 10 101 **
anaua^* ^ ue
yearly on each series after June 15DOUGLAS COUNTY (P. O. Omaha), Neb. — Bond Election.— On June 27
an election will be held to vote on tho question of Issuing $ 200,000 4 14%
20-yr. court-house bds.
DUR VNT, Bryan County. Okla. — Bonds Voted.— A t the election held here
recently (V. 92, p. 1582), It Is stated that the citizens voted to Issue $10,OOP
sch .-Imp. bds.
DYERSBURG Dyer County, Tcnn. — Bond Sale.— An Issue of $30,OOP
5% 30-yr. coup, water and light bds. was disposed ot.on June 9 to Farson,
Son A Co. of Chicago at 101.02— a basis of about 4.935% . Date July 1 1911.
Int. J. A J.
EDEN TOVVNSHIP (P.O. Welmorc), Seneca County, Ohio.— B ondSale. —
On .J une 10 the $15,000 4 % ’o 12-yr. (aver.) coup, road bon Is (V . 92, p.
lo82) wcrc awarded to theT iffln Sav. Bank In Tiffin for$15,695 50 (104 63'
and Int.— a basis of about 4.01 % . Other bids fo llo w
’ ”
Tiffin Nat. Bk Tiffin ------ $15.630IN cw First Nat. ilk .. C olum b.$15,36'
Seasongood A Mayer, C l n ... 15,458|Clty Nat. Bank, T iffin ______ 15, 33l>
EAST HAMPTON SCHOOL DISTRICT (P. O. East Hampton), Suffolk

County. N. V.— Bond Election.— The question of Issuing $17,000 bldg bds
will be voted upon on June 24.

. E A S T RIVER SCHOOL DISTRICT (P. O. Princeton), Mercer County,

VV. Va. — Bond Offering.— Proposals will be received until 12 m . June 30 b y
Chas. B. Hedrick, S cc’ y. Bd. of Ed. for $50,000 6% gold cou p. bldg. bds.
A uth. A cts 1911, Chap. 70, Sect. 39. page 164, 1911 Laws of W . Va. Denom.
$1,000. Date June 30 1911. Int. ann. Due June 30 1926. Cert, check for
$500 required. Purchaser to pay accrued Int. Bonds will be certified as togenuineness by the Columbia Trust Co. of N. Y . City.
EDGEFIELD, Edgefield County So. Car.— Bond Offering.— Proposals
...II be received unt
June 27 by W. I I . Harding, Town Clerk, for
/o cuu|j.
uoaus. (V .. UZ,
$15,000 o5%
coup, uicoc.-usnL-iJiauL-imijL.
clcct.-llght-pjant-lm pt. bonds.
92, p. 1329.)
Auth. Sec. 2008, R e v .S ta t., also vote of 120 to 11 at election held May 15
19 11. Date July 1 1911. Int. J. A J. at Town Clerk’s office. Due July 1
19
- j .->1, o p t. after 20 yrs. Cert, check on a State or nat. bank for 5% or
bonds bid for, payable to W . II. Harding, Clerk, required. Denom. to suit
buyer. Bonded debt, $8,000. No floating debt. Asses, value, $547,625.
ERIE, Erie County, Pa. — Bonds to be Taken by Sinking F und.— We are
advised by the Comptroller that the $38,000 garbage-plant bds (V 92
p. 825) when issued will be purchased by the Sinking Fund Com m issioners.'
ERWIN (Town), UNION FREE SCHOOL DISTRICT NO. 1 (P. O.

Painted Post), Steuben County. N. Y .— Bond Offering.— Proposals will be
received until 8 p. in. June 20 by George L. McIntyre, Clerk IH1. of Ed fo r
$25,000 cou p, (with privilege of registration) bldg. bds. at not exccce’dlng
5% int. A uth. vote of 87 to 39, at an election held May 18. Denom. $625.
Date May 2 1911. In t. M. A N ., at place designated by purchaser
Due
$1,250 yrly. May 2 1912 to 1931 inci. Bonds arc exem pt from taxation.
£ ? rt:,chec,k £? 1' l97 »- payable t° the Clerk, required. Bond, debt $500.
Floating debt $500. Assessed val. 1910 $756,480.
EUCLID I OVVNSHIP (P. 0 . Euclid), Cuyahoga County. Ohio __Bond
,£unc 12 tll,e ? l 0 .000 4 H % 1-20-yr. (ser.) cou p, road bds.' (V. 92,
p. 1391), were awarded to Seasongood A Mayer of Cincinnati at 103.38—a basis of about 4 .1 0 % . Other bids follow:
Go’A.Ci11,— T -510.330|N ew First Nat. Bk., Col____$10,309
Bank, C levelan d.. 10,328 Stacy A Braun, T o le d o______ 10, 2-16
Otis A Hough, Cleveland------ 10,327 |TUlotson A W olcott C o., Clev. 10,220
EUGENE, Lane County, Ore.— Bond Sale.— On June 5 thc $28,000 5%
sewer and $2o,000 light bds. (V. 92, p. 1514) wcrc disposed of. T hc form er
issue was awarded to Morris Bros, of Portland and E. H. Rollins A Sons o f
Chicago at their Joint bkl of 100.66 and blank bds. and thc latter Issue to
Morris Bros, at 100.66 and blank bds.
..EVERETT, Middlesex County, Mass. — Temporary Loan.— Tho loan’ o f
$100,000, due $20,000 O ct. 16 1911, $30,000 N ov. 15 1911, $10,000 Deo. 15
! 9 }.l’ „S,1(J,’o 00
19J 2 ’ S10-000 Fob. 15 1912 and $20,000 March 15
3°6l^l/ 'd l s c 2ount
lUlS bcea ncKotlatcd with Curtis A Sanger of Boston at
FALCONER. Chatauqua County, N. Y .— Bond Sale.— On June 12 thc
$60,000 o-29-yr. (ser.) coup. str. bds. (V. 92, p. 1514) were a w arded.to
Adam s A Co. of New York at 100.20 for 4.30s. Other bids follow :

J une 17 1911.]

T H E C H R O N IC L E

Estabrook & C o.. New York (for 4.25s)............................................ J00.18
John J. Hart, Albany (for 4.3 0 s)- - - - - - - - - .......................................... J^O.143
Isaac VV. Sherrill. Poughkeepsie (for 4 .30s).......................................... 100.08
Farson, Son & C o., New York (for 4 .3 5 s )..............................................100.239
Ferris & W hite, New York (for 4.35s)--------------------------------------- -------100.2oo
Interest J. & J. ‘ Bid for bds. t ated Apr. 1, 1911.
PALI S COUNTY (P. O. Marlin), Texas.— Bond S a le.— On April 1 the
.$18,000 5% 10-40-yr. (opt.) gold bridge bds. (V . 92, p. 898) were awarded
to A . B. Leach & Co. of Chicago at 102.08 and lnt.
FARM VILLE, Prince Edward County, Va.— Bonds Not Sold.-—Bond
Offering.— The $05,000 5% 20-yr. cou p, water bonds offered on June 12
were not sold (V . 92, p. 1583). Proposals will again be received, this tlmo
UnD enom C$500. Date July 1 1911. Int. J. & J. at the First Nat. Bit. of
R ichm ond. Due July 1 1931. Bonds are exem pt from town taxes. Cert,
check for 3500 required. Present bd. debt, $88,500. No floating debt.
Assess, val. 1911, $1,500,000.
FLOMVTON, Escambia C ounty. Ala.— Bond Offering.—-Proposals wll
be received by A . L. Brazil, Principal, for 30,000 5% sell. bldg. Inis
D cnom . to suit purchaser. Int. payable at the Bank of Flam aton. Due
20 years. No debt at present. Assessed val. 1910 5178,574.

FORD RIVER TOWNSHIP (P. O. Bark River), Delta County, Mich.—

md Sale.— On May 27 53,000 5% road bds. were awarded to the Bark
Bond
ver State Bank In Bark River at par. Dcnom . $1,000. Date O ct. 1
River
u
luk
,
1911.
Int. A . o
& uO.,

1655

HALE COUNTY COMMON SCHOOL DISTRICT No. 7, Tex.— Bond Sale
— On June 10 $7,000 5% 40-yr. bds. were awarded at par & int. to the State
School Fund.
HALL. COUNTY COMMON SCHOOL DISTRICT No. 7. T e x — Bonds
Registered.— On June 9 the State Comptroller registered $7,000 5% 40-yr.
bonds.
HAMBURG SCHOOL DISTRICT NO. 13 (P. O. Hamburg) .Erie County.

N. Y .— Bond Offering.— Proposals will be received until 7 p. tn. June 23
by Fred. F. Cheney, Sole Trustee, for $20,000 5% gold building bonds.
Dcnom . $1,000. Date June 1 1911. Int. J. & D. at People’s Bank of
Hamburg. Due $1,000 yrly. June 1 1912 to 1931 incl. A deposit in cash,
cert, check or b y bank draft, for 2% of bonds required. Purchaser to pay
accrued Interest.
HAMILTON, Hancock County. III.— Bond Election.— The City Council
passed an ordinance June 5 providing for an election to vote on the Issuance
of $ 20,000 5% 20-yr. water bds.. according to local papers.

HAMLIN, Jones County. Tex.— Bond Offering.— Proposals will be re­
ceived until 10 a. m . June 20 b y Paul Fraser, City Sec., for the $20,000 5%
cou p. str.-Imp. bds. reg. by the State Comptroller on May 23 (V. 92, p
1583)
A uth. A rt. 486, Chap. 23, Page 144, Acts 31st Legislature. Dcnom
$1,000. Date Feb. 1 1911. Int. ann. in Hamlin or at H anover Nat. Bk
in N Y .C lty . Due 40 yrs., op t. after 10 yrs. No deposit required. Bond
debt, Incl. this Issue, $45,000. Assess, val. 1910, $1,203,685.
HARRISBURG, Dauphin County, Pa.— Bond Sale.

Papers state that

& Kerns, A tty s., for trustees (P . O. Van W ert), for $25,000 4 % cou p, roadwill be held June 26, according to reports.
Impt. bds. A uth. Sec. 7,033 to 7,052 incl. Gen Code. Denom . $500. Date
FORT SMITH, Ark.— Bonds Offered by Bankers.— In an advertisement July 20 1911. Int. M. & S. at First N at. Bank In C onvoy. Due $ o .000
on a preceding page, the W in. R. Compton Co. and the Mercantile Trust Co., yrly. Sept. 1 1924 to 1928 incl. Bonds are exem pt from all taxation. Cert
both of St. Louis, arc offering to investors the $550,000 5% cou p, water check for $500, payable to Trustees, required. Bids must be coconditlonal _
HARTFORD, Conn.— West Middle School District.— Bonds Authorized —
bds, which they purchased from this city on March 15. The bds. are
The issuance of $160,000 4% cou p, bonds has been authorized, according to
dated May 1 1911.
reports. D enom . $1.000. Int. F. & A . Due 1936.
FORT WORTH. Tarrant County, Texas.— Bonds Registered .— On May 4
HASTINGS SCHOOL DISTRICT <P. O. Hastings), Barry County, Mich
. .. State ^
il.....registered
»,.4..tAwwl $20,000
AGO hnonlfnl
5O fWAH llre-hall, SftOO.OOQ
the
Comptroller
hospital, <
$25,000
S’f M ’ Ann
Bonds Defeated.— An election held recently resulted In a vote of 18b
watcr-works-extcnslon and Improvement, $15,000 warehouse, $ 2j ,uuu
for” to 243 “ against” a proposition to Issue $65,000 school bonds.
electrlc-llght-extenslon, $40,000 storm-sewer and $75,000 strect-cxtenslonHEMET. Riverside County. C al— Bond Election.— A ccording to reports,
Improvement 5% 20-40-ycar (optional) bonds. These securities are part or
an election will be held July 5 to vote on a proposition to Issue $44,000
the $2,000,000 bonds mentioned In V . 92, p . 1265, 1053, 898 and 675.
sewer bonds.
FRANKLIN, Norton County. Mass.— Bond Offering.— Proprsals will be
Nassau County, N. Y.— Bond Offering.— Proposals will
received until 12 in. June 19 by B. M. R ockw ood , Chairman W ater c o m ­ be HEMPSTEAD.
received until 12 m. June 23 by Marcus O. Hedges, Vtl. Clerk, for the
missioners, for $40,000 4% coup, water loan A ct of 1911 bonds. Denom. following;
registered bonds at not exceeding 5% Interest. (V. 92,, p. o^o):
$1,000. Date June 1 1911. Int. J. & D. In Franklin. D ue$2,000 yrly.
June 1 1916 to 1935 Incl. Bonds are exem pt from taxation In Mass, anil $250,000 sewer bds. D enom . $1,000. Due $10,000 yrly. July 1 1916 to 19 19
Incl. Cert, check for $5,000 required.
T , .
to be dellvereild June 20 1911. They will be certified as to genuineness by
30,000 vil.-b ld g. bds. Denom. $1,500. Due $1,500 yrly. July 1 191- to
the Old Colony Trust Co. of B oston, which will further certify that the
1931
incl.
Cert,
check
for
$600
required.
legality of this Issue has been approved b y Story, Thorndike & Dodge or
8,100 park bds. D enom . $1,000 and $350. $ l,3 o 0 yrly. July 1 1914 to
B oston, a cop y of whose opinion will be furnished to the purchasers.
1919 Incl. Cert, check for $160 required.
.
FRANKLIN COUNI Y (P. O. Columbus). O h io— Bond Safe,— On June 10
Date July 1 1911. Int J. & J. at the Treas. office in N. Y . exchange.
he $36,000 4 H % 3-yr. (av.) Hilliard & R om e road bds. (V . 92, p. l o l'l)
Checks In the above amounts must be drawn on an Incorporated bank or
were awarded to the New First N at. Bank In Columbus for $30,.>-0 60 trust com pany and made payable to the Village. The validity of the bonds
(101.462) & int.— a basis of about 3 .9 7 8% , Other bids follow:
will be approved by Hawkins, Dclafleld & Longfellow , of N. Y . City, whose
S tacy & Braun, T o le d o -- .$36,474 00|Tillotson&VVolcottCo.Cle.$36,390 02 opinion will be furnished to the successful bidder.
Barto. Scott & Co., C o l.. 36.451 00 Otis &‘ H ough, Cleveland. 36,386 00
HENRY COUNTY (P. O. Mt. Pleasant). la.— Bonds Voted — An election
First Nat. Bank, Clove. . 36,427 75 Weil, Roth & CoL. Cln
Scasongood & Mayer, Cln 36,427 501P roV .S av.B k.& Tr.C o., Cln 36,327 60 held June 0 Is said to have resulted In a vote of 1,410 to 1,293 in fa vor of tne
question of Issuing $ 100,000 court-house bonds.
FREDON IA, Chatauqua County, N. Y .— Bonds Defeated.— A proposition
.... ,
HERKIMER COUNTY, N. Y .— Bond Offering.— Proposals will be reto Issue water-system-improvement bonds was defeated at a recent election.
vj0 ceivcd until 12 m. July 1 by F. Senior, Treas. (P . O . Little Tails), for $108,­
FPFMONT Sandusky County, Ohio.—-Bond Offering.— Proposals will
1 000 4% cou p, (with priv. of reg.) highway-im p. bds.. Scries T . Denom.
received untll’ l2 m. June 27 by the Clerk of Council tor ^XZMOAI
cm
Lynn St. Improvement assessment bonds. Denomination 5600. H
t o ’ 1925, Incl. ' Cert, check for 2% ’ of bonds bid for, payable to County
July 1 1911. Int. A . & O. at office of Sinking fu n d trustees. Due $600 Treas., Is required. Bonds will be certified as to genuineness by U . is. M tg.
each six months from April 1 1913 to O ct. 1 1922 Inc. Cert. check on a
& T r. C o., N. Y . Bid must include accrued int. and be made on blank
Fremont bank lor $200 required. Bids must be unconditional.
orm furnished by cou n ty.
( i ADSDFN Etowah County, Ala.— Description o f B onds.— The $50,000
HOBOKEN, N. J. — Bond Offering.— Proposals will be received until
5% 30-yr. coup, watcr-ext. bds. awarded on May 15 to Spitzcr, R orlck & 4 p. m. June 28 by J. H. Londrlgan, City Clerk, for $125,000 4 ^ % 20-yr.
C o. of Toledo at par (V . 92, p. 1583) are dated June 1 1911. Int. J . & D.
GAINESVILLE, Cooke County, Texas.— Bonds Registered.— On May 10 cou p, or reg. city-hall bds. Denom. $ 1,000 to $ 10, 000. Int. J. & J.
the State Comptroller registered the $150,000 5% I0-40-year (opt.) water Cert, check for $2,500 required.
bonds, mentioned In V . 92, p . 206.
^
The official notice of this bond offering will be found among the adrerjtseGARWOOD. Union C ounty, N. J . — Bonds Not S o ld —-The:
ments elsewhere in this Department.
30-yrs. boro.-hall bonds, offered on May 2 (V . 92, p. 1193) have not yet
HOLLAND. Ottawa County. Mich.— Bond Offering.— Proposals will be
been disposed of.
received until
until 7:30
7:30 p.
p. m.
m. June
June 21
21 by
Overweg, City Clerk, for the follow fip n n p s (P O Solvav) Onondaga County. N. Y — Bonds V o t e d . — An received
by R
R .. O
ele^UmnmUl J^i'n^L'^resufted In°favor of a proposition to Issue $60,000 road $10,000' sur. drain Scries “ A .” " Denom.
nenom* i$1,000. Due $2,000 yearly, Feb. 1
bonds. The vote was 178 “ for” to 44 "aga in st” , It Is stated.
1912 to 1916, incl.
, ^ . , , n1,
( i l l I FSPIF iMacouoin C ounty, 111.— Bond Offering.— Proposals will be
15,000 water Series ” M .” D enom . $500. Due $2,500 yearly Feb. I 1912
received until 5 p m J u l y 5 for $8,000 5% city-hall bds Date O ct. 1 191 .
to 1917, Incl.
.
, .
Int ann. Due 20 yrs. .op t. after 5 yrs. Cert, check for 5% of bid, payable
Date July 1 1911. Int. F. & A . at City Treas. office or any bank in
Holland. Cert, check for $500, payable to City Treas., Is required.
to G. W . Schmidt, Clerk, required.
GILLETTE
pndsD
«■■■
■ i -1 ii- Crook
wiuun County
v u u i.i, W
.. y o .-B_____
—fi/e a to L
. .
, .
,
HOI I AND PATENT Oneida C ounty, N. Y .— Bond Offering.— Proposals
that a proposition to Issue $20,000 school-building bonds was defeated at an wm j)c i-eculvccl until 7 p. m. June 27 by 13. Willard Jones, VII. Clerk,
election held recently.
$4,000 bds. at not exceed. 5% Int. Denom. $200. Int. J. & J. Due $200
GIRARD SCHOOL DIS RICT NO. 37 (P. O. Girard), Crawford County, ycarly, July l 1916 to 1935, incl. Cert, check for 2% of bid, payable to
a n . — ------------Bond Election.—, A vote will be taken on June 27 on a proposition to “ village of Holland P atent,” required.
Kan.
Issue $35,000 building bonds.
HONEA PATH SCHOOL DISTRICT (P. O. Honca Path) Anderson
n i n n n a i P l n* Amrelc** C ounty. Cal.— Bond Election. Papers state County, So. Car.— Bonds. Voted.— A ccording to reports, the Issuance of
$7,000 sch. bds. was authorized b y a vote of 45 to 3 at an election held
that an election will be held soon to vote on the question of Issuing $40,000
June 5.
grammar-school bonds.
(il FNDORA Los Angeles County, Cal.— Bond Election.- An election will
IIORNELL, Steuben County. N. Y .— Bond O fferin g— P roposals will be
be held to-day (June 17) ,lt Is stated, to allow the voters to determine received until 3 p. m. June 19 by 13. J. Cox, City Clerk, for $50,000 4 % coup
refund, park bds. D cnom . $500 & $1,000. Date July 1 1911.
*
whether or not $50,000 5% school bonds shall be Issued.
(il OBF Gila County, A riz.— Bond Election.— We see it reported that this J. at the Chamberlain’s office. Due $2,590 y ’ ly. Cert, check for $o00,
payable
to
the
"C
ity
of
Ilornell,”
required.
place will vote on June 19 on propositions to Issue $45,000 high-sch. and
HOT SPRINGS, Madison County. No. Car .— Bond Bale.— Reports state
$10,000 sell-Im provem ent 5% 10-20-yr. (opt.) bonds.
GOOSE CREEK TOWNSHIP, Union County No. Car.— Bonds Voted.— that this town has sold $20,000 6% 30-yr. Im provem ent bonds.
HUBBARD, Marion County. Ohio.— Bond Election.— 'This place vvlll vote
An election held recently resulted in favor of a proposition to Issue rallroadon the question of Issuing $30,000 water bonds on June 24, according to
ald bonds.
„
___
GOSHEN TOWNSHIP, Auglaize County, Ohio.— Bonds Defeated.— reports.
Reports state that the voters of this township have defeated a proposition
HUGHES COUNTY (P. O. Pierre), So. Dak-—Bond
$70,000 5% 15-yr. refund, bds. were awarded to B. A . Cummins of I lerre
to Issue $6,500 bonds for schools.
(iPAINGFP COUNTY (P. O. Rutledge), Tenii.— Bond Sale.— The at par. Denom. $1,000. Date July 6 1911. Int. J. & J.
K noxville Banking & Trust Co. of K novxllle has been awarded the $100,000
HUMBOLDT COUNTY (P. O. Winnemucca), Nev.— Bond Offering.—
Proposals win
will be
pike bonds (V . 02, p. 1515), It is stated.
,
_
• i-ropusais
uc received, according to reports, -until
- - - - -2 p . m . Ju y J by tne
u
GRAND FORKS Grand Forks County. No. Dak.— Rids Refected.—-We Hoard of County Commissioners for $20,000 6% hlgh-school-butiding; bonds,
are advised that all’ blds received on June 5 for the $40,000 20-yr. city-hall [ Denomination $500. Interest annual. J . V\ . Davey Is County Cle . ^
HUNTINGTON BEACH, Orange County, Cal.— Bond Election Proposed.
bds. (V . 92, p. 1515) were rejected.
(1RFFNE COUNTY (P O Catskill). N. Y.— Bond Offering.— J. A . Betts, — Reports state that a m ovem ent has been started here to have the City
T'reiis., will offer at public auction at 10 a. m. July 3 Issues ($21,500 Lex ng- Trustees call an election for the purpose of voting $7o,000 pleasure-pier
building bonds.

HUNTINGTON TOWNSHIP SCHOOL DISTRICT’ CP. O. Huntmgton),
Lorain County. O h io— Born! Offering.—Proposals will be received until

12 in. June 24 by C. A . R eynolds, Clerk Bd. ofr Ed •. for $ 12.000 4 , „ bldg,
bds. voted on April 13. Denom. $500. Date June 24 1911. Int. M . oc o .
at Treas. Bd. of Ed. office. Due $500 each six months from Mch 1 1912
t o S c p t .l 1923. Bids must be unconditional. Cert, check for $o00 lequlr d
HUNTSVILLE Madison County. Ala.— Bond Offering.— Papers state
that proposals will be received until July 4 for $10,000 building bonds.
IN 1)1 AN API) I IS Ind.— Bonds Proposed.— W e sec It reported in local
papers that the B oa.d of Park Commissioners proposes to request the
Council to pass an ordinance authorizing the Issuance of $o00.000 road­
way bonds.
IRVINGTON. Essex County. N. J .— Bond Balc — On June 5 the *1 (L000
GREENWOOD SCHOOL DISTRICT NO. 13 (P. O. Greenwood). Green­
wood Couhty So Car.— Bond Offering.— Proposals will be received until
% l- io - y r . (ser.) cou p, or reg. fund. bds. (V . 92, p. 14 o<d were oougnt
T p m Junc i o b y J. T . Medlock, Treas for $25,000 5% gold coup, bklg
y J S RIppel of Newark at 103.19— a basis of about 4 .3 o /0.
D
enom . *$1,000.
Date
bds. A uth. Sec. 25. p. 522. Statutes of S o. Caro
---------’ nfw' n
n t‘ I hy

GRFENEVILLE, Greene County, Tenn.— Bonds Voted. -On June 5
the voters It Is stated, approved the proposition to Issue the $6o,000
electric-light and water-plant bonds. V . 92, p. 1451.
GRFENVI1 LE, Hunt County, Tex. — Bonds Registered.— On June 7
the State Comptroller registered Hie following 6% 1-10-yr. (opt.) Im p^bds..
il
No. 7, $6,500
of' Dlst. No. 8, $380 of Dlst. No. 9, $1,240 of
...
$ 950 of Dlst ................
Dlst No 10 $1 800 of Dlst. No. 11, $2,000 of Dlst. No. 12, $5,140 of Dlst.
Dlst
Vo. 13, $1,070
No.
______ _Of Dlst. No. 14, $2,790 of Dlst. No. 15, $1,670 of Dlst. No. 16
and $1,250 of Dlst. N o. 18.

m V)M ^i?ibg^$TL 000^ oh ^ b ftljL ti^ T c^ ^ d ^ b y ^ a voS'of'^O ^fo s s fa c o o r d - | to w n ^ J u d l'^ u e 'b iU .^ o ^ ^ fsU u m ^ w a tifr-w o rk ^ p ia n M s^ o ^ e d e cid e d 1 by
the voters, according to reports. on July 10.

tlon

lng to reports




1656

T H E C H R O N IC L E

J A C K S O N , J a c k s o n C o u n t y , * M i c h . —Bids Rejected.— A ll bills received
on J u n e 5 for th e 5 2 0 ,5 0 0 1 0 -2 0 -y r . (o p t.) sew er anil 5 3 8 ,5 0 0 1 5 -2 0 -y r (op t )
p a v in g b d s. ( V . 9 2 , p . 14 52) w ere r e je c te d .
y
' p
. >,n

£ 9 N . H i n d s C o u n ty , M iss.—

m S S t^ S d lV o K h

tro llc r.

"l

Bonds Authorized.—

W e see It state d

thC ISSUanCC ° f 5 8 5 ,0 0 0 stree t-lm p r o v e -

D u e 4 0 y r s ., su b jec t to call $ 2 5 ,0 0 0 ev ery 10 ye ars.

B 0 n d S a l ! 0 N O n° A nr TiY??S? h , 0 ^ t D I S T R I C T N o . 22 ( P . O.' T a l e n t ) , O r e . —
B o n d Aide.
O n A p ril 22 th e 5 2 7 ,5 0 0 5 % 1 0 -2 0 -y r . (o p t.) site & b ld g . b ds.
( •
» P • 1131) w ere aw ard ed to J . W . W r ig h t & C o . of D e n v e r a t par.

B om D V ^

SPAn C , A .,f S C M 0 ° L D I S T R I C T ( P . O . M a r y s v i l l e ) . O h i o . —
M V rSi h
'
A ccord in g to rep orts, th e q u e stion o f Issuing 5 4 ,0 0 0 b ld g, bds
carried b y a v o te o f 51 to 23 a t an election held r e c e n tly .

Y.Z »

.

D I S T R I C T (P . O. J u d ) , L a m o u r e C o u n t y , No. D a k .—
S ? ■7t T h P q u e stion of Issuing S 8 .0 0 0 4 % 2 0 -y r . b ld g . b d s. carried

bonds will be sold t o ‘the S

° "

.K alam azoo
issu ing 5 3 4 0 .()0 0 bondrs

held M ay 3 1 '
County.

W c arc advlsed that thcsc

M i c h . — Bonds

5 reslllted

Voted.—

ln fa v o r o f

R ep orts

th c q uestion of

,„ „ K,A N S A ? 9 , T V * Kas-—Bond Sale.— O n M a y 2 5 5 1 9 ,6 9 6 5 % park bds
were aw arded to A d a m s & C o . o f N e w Y o r k a t 1 0 5 .
D e n o m . 5 5 0 0 . D a te
F e b . 15 1 9 1 1 .
In t. F . & A .
D u e from 10 to 20 y r s.
•
K I N G S T O N . U l s t e r C o u n t y . N. Y . — Purchasers of Bonds.— T h e p ur­
chasers of the 5 7 0 ,0 0 0 1 2 -1 8 -y r . (ser.) s t .-I m p ., 2d issue, an d 5 2 0 ,0 0 0 6 -7 -v r
(ser.) b ld g . 4 M % c o u p , b d s, w hich were sold early In M a y ( V . 9 2 , p. 1267)
were H arris, F orb es & C o . of N ew Y o r k .
T h e price p aid w as 101 30
D e­
n o m . 5 1 ,0 0 0 .
D a te M c h . 1 1 9 1 1 .
In t. M . & S.
K N O X C I T Y I N D E P E N D E N T S C H O O L D I S T R I C T (P . 0 . K n o x City)
K n o x C o u n t y . T e x .—Bond Sale.— T h e S ta te S ch ool F u n d w as aw arded on
J u n e 10 a t p ar & In t. 5 1 .0 0 0 5 % 4 0 -y r . b d s.
°n
L A K E C O U N T Y ( P . O . P a i n e s v i l l e ) , O h i o .—Bond Offering.— P rop osals
r t t h ^ e<fm /?i^fdw nn , n2 , n i J u ?ie o 4 b y ttu; B oard o f C o u n ty C om m issioners
an d hS2 ftf non K i^ V .J L H ^ m WeHi ^ 0Unt7 A u d ., for 3 6 8 ,0 0 0 W illo u g h b y T w p .
Auth5 “ see ?°flKQns £ d«
a,nd M e n tor tw p s . 4 i j % c o u p , road b ds.
A u t h - S e c t. 6 ,9 0 3 to 6 .9 1 4 C en . C od e, as am en d ed In O h io L aw s V o l. 10 1.
rP?,,'?,t4 J 3 3 7 ln c l'm. D c n o m - S 5 0 ° D a te J u ly 1 1 9 1 1 .
In t. M . & S .
M a?eh ? iyo,t5(;a ^ r y V T b e 5 6 8 ,0 0 0 b d s. m a tu re 5 2 ,5 0 0 each six m o s. from
s ™ ? i i (? v i °
J013 in c l” 5 6 .0 0 0 each six m o s. from M arch 1 19 14 to
Ini) ■ * i 9i ™ n c l•V.5 3„’ 5 0 0 each 6 m o s. from M arch 1 1 9 1 6 to S e p t. 1 1918
j f d s i i n l t ’ Y i? cacb 6 m o s. from M arch 1 1 9 1 9 to S e p t. 1 1 9 20 In ch,
m a t u r e 's ! non ’ > ‘ i*21 and 5 4 ,5 0 0 on J u ly 1 1921 an d th e 5 2 6 ,0 0 0 bond s
each r n,n ? °f°ree,C i / ’ 'H ?3,- *r° m M arch 1 1912 to S e p t. 1 1917 In c l., $ 1 ,5 0 0
from \lAreh* H n « 4
Hh 1 ,1918 t0 S c p t - 1 1919 lnc1-. 5 2 ,0 0 0 each 6 m o s.
c h e c k i n a U n i 9 ?,? rt eiM ^ rch \ a2 21 ,n c l- an(1 5 2 ,0 0 0 on J u ly 1 1 9 2 1 . C ert.

<ire free from all taxation. Bid must be made upon a blank furnished by the
Commissioners and be accom panied by a certified check on a national or
State bank In Louisville, payable to thc Sink. Fund Com ., for 2% of bonds
bid for.
I h e official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.
C O U N I Y ( P . O . V a l d o s t a ) , G a . — Bonds Proposed.— The
$2^00 000Toad b m ils n?
repor*'s ' bave recomm ended the Issuance of
LUBBOCK

?)n A n r V i^ th 0 0 ^
0 ^ S C H 0 ° L D I S T R I C T S , T e x . — Bonds
30-4?) v r font ? n k
v 4 l h,c ,Stat<; C om p troller registered th e 5 2 0 ,0 0 0 5 %
f ^ , ny L
7 b d s - solcl on A p ril 4 ( V . 9 2 , p . 1054) an d 5 2 0 ,0 0 0
° ”° 3 0 -4 0 -y r . (o p t.) D ist. N o . 16 b d s. on J un e 6 .

[VO L. L X X X X I J .

COUNTY

COMMON

SCHOOL

D ISTR IC T

No.

11

T ex—

Bond Sale.— Ihe State School Fund was awarded on June 10 53,000 5%
5-40-yr. (opt.) bds. at par & int.
v ’
/
L U V E R N E I N D E P E N D E N T SCH OO L D IS T R IC T (P. O. I.uverne). K o s s u t n C o u n t y , I o w a , —-Bond Election Postponed.— An election which was to

have taken place May 22 to vote on the question o f Issuing $7 000 bldg
bds. was postponed until June 26.
b"
M c C O M B C I T Y , P i k e C o u n t y , A l is s .— Bond Sale..— It Is reported that
51 .).000 20-yr. water-works-system bonds were sold on June 6 to McColgan
Bros, o f McCom b for 515,100, or 100.666.
M c C U L L O C H C O U N T Y ( P . () . B r a d y ) . T e x a s . — Bonds Voted.— An
held recently, it Is stated, resulted In favor of a proposition to Issue
57o,000 road bonds. The vote was 220 to 85.
C ouu .ni ti yj
W
i s . — Bond u
Offering.—
Proposals wm
will b
e rcre ca . M A D I S O NV, ^D a n e w
»»is.—-xjiy/ti*
jjciuiu .— i'ruposais
ue
&r* rr
AC
IVCHl until
Utltil «
.Ilinn 23
9H by
Kxr f'i
« Norsrnan,
MAromon City Clerk, for
e _ $75,000
ceivcd
3i n.
p. m
m. June
O. S.
4%
cou p, sewage-___
_____
____
_ 943, Revised Stat.
' nn'A1 spRsal ______
bondsA uth._____
Sec._______
926-11
and
1
*
.’
..,.*
'
..
.
>
.
.
,
..
Denoni. $1 .°0 0 . Date July 1 1911. Int. aun. aVFirst N at’. BankTn Aladlson. Cert, check for $500 required.
h n m L O N A . A n t r i m C o u n t y , Mich.— Bonds Defeated.— An election
held on May 22 resulted in the defeat of a proposition to Issue bonds.
M A N C H E S T E R , H i l l s b o r o C o u n t y . N. H . — Bond S a le — It Is stated that
A-, r crnald & Co. of Boston were awarded $60,000 4 % 1- 12-yr. (ser.)

.(KIII

into llilir toil

r»f

lt X i I

I

b ds,. aJ5 1 0 0 -3 4 — a basis of a b o u t 3 . 9 4 1 % .
D a te J u ly 1 1 9 1 1 .
a
to n e
of b o sto n were also aw ard ed a t 9 8 .0 9 — a basis o f a b o u t
d a te d JuTyCl T o } 1 ^ to rt'p o r ts- 5 « 5 ,0 0 0 3 J * % 1 -1 7 -y r . (ser.) school b on d s
’ Manitowoc County, W i s .— Bonds Proposed. — T ills c it y ,
P °2 7 3 C n Iorm e d ’ n lay lssue w a ter-w ork s b d s. in th e n ear fu tu re .
V . 02;

that/Y.t, a ^ T ^ in )n ehSa.r ilJ Co.V-nty> Minn.— Bonds Voted.— It is reported
carried6 Th*o v9?« „?n„UJ
■ ?0 a Proposition to Issue $5,000 water bds.
« A o iA M h
‘
16 t° 33'
D ue 5 1 ,0 0 0 y r ly . F e b . 1 1914 to 1 9 1 8 Incl.
been tvis?.-,!’ nrnf,r°M^0rUn ‘ ^ Ohio — Bonds Authorized.— An ord in an ce h a 8
bonds?
d p ro v Id ln s ror th e issuance o f $ 2 2 ,5 0 0 4 % c o u p , en gin e-h ou se
D enom . $500.

D ate M arch 1 1 9 1 1 .

fnd6 $?5 0 0 o n eC c h Xl T & T * ^

MarC"

In t. M . & S

a t T re a su rer's o ffic e

1 1913 t0 S e p t - 1

MARION COUNTY HIGH SCHOOL DISTRICT NO.

1

1 9 23

t a o lu slv i

(P O Marion)

Treasurer? ls reipdred 6 County for ° % of b ld - m adc Payable to the County

r e o e fv e d ’on B\I^v925e tor ■ ^ ^ ? n rL and Y«/eJilindcr d a tc oC J 11,10 9 th a t all bids
1 3 9 U wcrc?rejecte-ii ^
thC 5 2 0 ,0 0 0 5 % 4 0 -y r . c o u p , s c h . b d s. ( V . 9 2 , p .

O nLJ u n ? ' 8 St h e S$CtHs?)o r " P ,i SiT R i 9 T ’„ S a n D i e g o C o " n t y , C a l . — Bond Sale.—
I
( f 'e i i l n T-,3 \ t ? ? ° 6? “, n
'»9,2 • p - 1515) w crc aw ard ed to th e B an k of
R a n k n f r ? u ? Me? a
104 197 & In t.
T h e bids received follow :
s U i ? e i re i ; U n', L a M e s a .$ 5 ,0 0 1 50 J . I I . A d a m s & C o ., L os A ,$ 4 ,9 3 4 00
S an Diego S a v . I l k ., S an D . 4 ,9 6 8 00| G . G . B ly m y e r & C o ., S . F . 4 ,8 2 7 50

MARYSVILLE, Nodaway County, Mo.— B onds Defeated.— T h e election
held Ju n e 6 resulted in a v o te of 30 2 “ fo r ” to 2 5 5 “ a g a in s t” th e p roposition
to issue the $ 1 5 ,0 0 0 c ity -h a ll b o n d s.
V . 9 2 , p . 1330.

L A S C R U C E S , D o n a A n a C o u n t y , N. M.— Bond Offering.— P roposals
yJL1 b « received until 10 a . m . J u ly 1 b y th e Clerk B d . of T ru stees for the
rM.'i’ 0 0 ?*sc'Ifcr an il 5 4 0 ,0 0 0 w ater 5 % c o u p . b d s. ( V . 9 2 , p. 1 2 6 7 ).
A u th
\rViP ' i ? S ' ™ cts o f 1 9 0 7 -„ D e n o m . $ 5 0 0 .
D a te J u ly 1 19 1 1 .
In t. J & j '
n v e ^ ? ,!ty 3 0 yrs, " °,p t - a ft e r ,2 0 yrs.
C ert, check for $ 1 ,0 0 0 , p a y a b le to the
C fflclal circular sta te s th at no q uestion has ever been
n o n Cd f f S i l J S the v a lid ity o f these b d s.
B d . d e b t. Incl. this issue, $ 9 5 ,?s°T o w n Cler'k
g d C b t'
A s3cs3, v a l- 1 9 1 ° - 5 5 0 0 ,0 0 0 .
M oses B . S te ven s
T u n e S ^ t h e ^ k ^,P * 0> M e r i d i a n ) , M i s s . — Bond Sale.— On
n
?
,
0
roail b d s. d ated S e p t. 1 1910 ( V . 9 2 , p . 14 52) were
TW
nn^h. VY ™ -,R .; C o m Pton C o . of S t . Louis a t 1 0 0 .1 8 3 & blank b on d s,
an d $1 8 00 0 l " 1 9 3 5 ' 5 6 ,0 0 0 ln 1926> 5 1 4 ,0 0 0 y e a rly , 1927 to 1 9 3 4 , in c l.,

ti

LEON
D eOc a t u*r C
.—Bond
Offering.— i-Prrooppoossaai lss win
will DC
b e re­
re7,0,1
,. Y »|T
, ouu *n1try , i. oI owwaa. —
HU/IU Kjjjcnng.—
ceived until 8 p. m. June 19 by the City Treas. for $25,000 4 Yx% water bds
D enom . $500
Int. ann. Due 20 years, op t. after 10 years. S. G. Mitchell
Is Clerk.

LEWIS COUNTY SCHOOL DISTRICT No. 9, W ash. — Bond Sale.— An
w « h i n J ? 3,W 0 A“ li was sold on June 3. according to reports, to the State of
/ ? i n r r gtoJV A hke am ount of bds. was disposed of on April 7
V 9°
1 195,J- I* these are the same securities, we have not yet been advised
why the first sale was not com pleted.
y
aavised
LEWISTON SCHOOL DISTRICT NO.

1

(P. O. Lewiston), Fergus Countv

?\°nL — Bonds Voted.— The election held on June 1 resulted In a vote of 78
t o .7 " favor of the proposition to Issue the $67,000 5% 10-20-year (opt )

LIBERTY TOWNSHIP SCHOOL DISTRICT (P
made°of^^t°he'
and described’ ^ V 9 2 ^ °. 1055

O

Fort William)

f 0# — 111 13 statcd th "t no sMe has b^cn
sltc- purcba3e bonds offered on May 9

LINCOLN Logan County, III.— N o Bonds to be Issu ed __ Tn ronlv to our
r i t w ri ’ re? a,rdlnK a Proposed Issue of bonds for a strect-llghUng plant the
City Clerk informs us that the lighting com m ittee has signed a contract with
p?ant
ll8:" UnS com pany and abandoned the Idea of'lu U d fn g a K l c l p a
olt,LINDSBORO, McPherson County, Kan.— Bonds V oted __ T h e n ro n o sln
o SU1 l .h? 520-000 5 % 10-20-yr. lopt.) hlgh-sch.-bldg. bds (V 92
P. 1515) carried by a vote of 217 to 186 on June 6.
'
’
A K COUNTY (P. O. Oakville), Texas.— Bonds Not S o ld __W e
Roadd nn?td w ! Ithe 525.000 5% lo-40-year (opt.) gold road-lm pt. bonds of
have no[ been J d reK
r° d by th° Comptroller on F«b . 4 (V . 92. p. 614)

...-.LONG BEACH, Cal.— Bond Election.— A ccording to the Los Angeles
ivhoIJhncler’ an election will be held June 27 to allow thc voters to decide
AiaCf9i?n»°n»n0Y 5i?;)0. ,00S bds- pball be Issued to purchase the plants of the
Alamltos Beach Water Co. and Long Beach W ater Co. See V . 92, p. 1127

C o u ^ N h ^ r P 1,0,? ^ DISTRICT NO. 41 (P. O. Long Pine). Brown?
s a Uoon ’> 1 pb*— Bond Offering.— Proposals will be received until July 1 for
J u n e ? 1931 ‘ bonds at not exceeding 6% int. Int. semi-annual. Due
trnn9rN9Y,,rE W ’ 9 reK? County, Tex.— Bonds Registered.— The State Comp
( o p t ) bds Une 9 reKlstercd 525,000 str. & $28,000 sewer 5% 20-40-yr.

receivpiMintu*!'?ra'n T^ ?uDljr* Dhio.— Bond Offering .— Proposals will be
Mup flri^tept bonds Y
*
P ’ Keatln^> ctty Aud- for 528.000 4 a %
M A^

’^
i 939 « e.I1-..Cod?,- Denom. 5500. Date June 15 1911. Int.
1921 f
okl " K Fupd Trustees. Due $5,000 Sept. 15 1917 to
within tenYfavs Yr??? Sept. 15 1922. Bonds to be delivered and paid for
51 000 navahTe
S.f award. Cert, check on a national bank for
51 .U00, payable to the City Treasurer, required.

Jun9 6
Pt9|U|nTfYv.(P,' 9 / L lvria ). O h io.— Bonds Voted.— An election held
bridge bo^ Is \eeo?din^ t f t,le question of Issuing approxim ately $65,000
bridge bonils^ A ccording to reports the vote was 3.128 " fo r ” to2,4 42 " a g s t ."

Mcn,-,ci!- anu

SS

LOUISVILLE, Ky. Bond Offering.— Proposals will be received until
12 m . July 10 by thc Sinking Fund Commissioners, James B. Brown, Prest.,
and J. M. Terry, Treas., and Sec’y ., for as m any 4>*% gold bonds. 11th
ssue, as m ay be necessary to refund $300,000 "o ld liability” bonds dated
April 14 1886 and due A ug. 1 1911. Denom. $1,000. Date A ug. 1 1911
Int. F. & A . at the First N at. Bank in N .Y . City. Due A ug. 1 1921. Bonds




m'^R.ri,N,EZ. Contra Costa County, Cal.— Bond Election.— A n election
will be held early in J u ly , accord in g to rep orts, to v o te on th e q u e stion of
issuing $ 1 5 ,0 0 0 c lty -h a ll-c o n str . an d site, $ 1 5 ,0 0 0 H o u g h to n w a te r -fr o n t
estate an d $ 3 5 ,0 0 0 w ater-fron t an d w h a rf b o n d s.
MARTINSVILLE, Clark County, III. —Bonds Voted.— A n election h eld
b in d in g ' b o n d s tatcc^* resulte d in fa v o r o f a p r o p o sitio n to issue sc h o o lMifld F A ?P n L 9 ROw £ SC” P,0L DISTRICT NO. 12 (P. O. Meadow Grove),

nnp Af°*1i F « ,}S ty Neb.—Bids Rejected.— A ll bids, th e h igh est o f w hich was
sch hils14fV 13o’ /
T ^ « °,n Jun e 8 for tb e 3 1 4 ,5 0 0 6 % 5 -2 0 -y r . (o p t.) c o u p ,
sen . ou s. ( v . 9 2 . p . 1516) were rejected .

M o ^ Aa/! o » ,F £ ? UN7?Y T
SCH°O L DISTRICT No. 21 (P. O. Judith Gap),

cif-7_ 9 .n, Jun c 12 5 9 ,5 0 0 6 % 5 -1 0 -y r . (o p t.) b ld g . b d s. were
aw ard ed to the S ta te B d . o f L an d C om m issioners a t p ar.

MECH/INICSBURG, Sangamon County, III. —Bonds Voted.— L ocal
papers sta te th a t on Ju n e 2 a p roposition to issue $ 1 ,0 0 0 cem e n t-sid ew a lk
bond s carried b y a large m a jo r ity .
r M E R L D O S J A L A K E D R A I N A G E A N D L E V E E D I S T R I C T . Morgan
County, III.— B on d Offering.— P rop osals will be received until 10 a . m .
to -ila y (June 17) b y the D istrict C om m issio n ers, VV. C . K o rsm e y e r , S e c .,
at the office of W o r th in g to n & R e e v e In J a ck so n v ille for $ 1 1 ,7 0 0 6 % assess,
b d s.
D e n o m 9 b d s. of $ 1 ,0 0 0 each and 9 b ds. o f $ 3 0 0 ea ch .
D ate Jun e 0
l"1
In.t - J- & D . a t F arm e rs’ & T r a d ers’ B an k o f Mcredosla.
Due
$ 1 ,3 0 0 y r ly . on M a y 6 1912 to 1920 Incl.
MERRICK COUNTY (P. O. Central City), Neb.— Bonds Voted.— The
voters a t the election held M a y 31 au th orized the Issuance o f $ 1 0 0 ,0 0 0 4 %
1 -2 0 -y r . (ser.) cou rt-h o u se b on d s, m e n tio n o f w hich w as m a d e In V . 92
p. 14o3.
V o te 1 ,0 1 5 to 4 8 5 .

M IM C A INDEPENDENT SCHOOL DISTRICT NO. 13 (P. O. Milaca),

o„
. ,£ * ,v
,L ”o “u;u
n t*
y ". , M In n .—-Ajuitu
— B ond yjjjKimg.—
Offering.— rruposais
P rop osals will
will oe
be recciveu
received until
until
8 p. m. July 5 by the Board of E d uc., Thos. W . Allison, S cc'y ., for $15,000
4 H ! . -refund, bonds. A uth. Chap. 10 R ev. Laws of 1905 <Sc amendments.
Denom. $1,000. Int. semi-ann. Due 10 years.
■ M IL L A R D , Douglas County, Neb.— Bond Election.— A proposition to
Issue 5 10,000 water bds. will be submitted to a vote on June 27. This Issue
will take the place of the bds. voted on May 16, as an error was found ln the
first election.
»n$.*5l?!E.>‘^ EDLIS, Minn.— B ids.— The following bids were received for the
$916,700 30-yr. sch. bds. awarded on June 8 (V . 92, p. 1585.)
$416,700
$249,700
$250,300
4% issue.
4% issue.
4 \i% issue.
a258,835 23
A - R f ad & Do., C h ica g o .............. a413,241 39 247,627 49
Wei 3 & Dickey C o., Minneapolis------- 410,866 20 U248.451 50
254,580 13
Blodgett & C o., B oston.......................... 412,658 01 247,277 91 2 5 8 , 3 5 9 6 6
A . B . Leach & C o., Chic, and Minn.)
Loan & Trust C o., Minn.................. /
656,604 00
2 5 5 ,3 7 0 00
Blake Bros. & C o., B oston____.
653,271 92
2 5 6 ,3 3 2 23
Mlneap. T r. C o., Minn, (for $ 1 0 0 ,0 0 0 ).........................$99,000 00
Mercantile Trust C o., St. Louis .
257 233 31
South Side State Bunk. Minn, (for V2y.6o6)
25,'l20 00
E . H . Rollins & Sons, Chicago (for all Issues)............$920,559 31
Estabrook & C o., Chicago, and R . L. Dav)
& C °. N . Y . (for all Issues).................... _ .J ................. 018,625 07
a Successful bids.
Sale.— On June 13 the following 4% 30-ycar bonds (V. 92, p. 1392.
£ c/? u dlsposed °^: 5250,000 for parks, $275,000 for main sewers, $225 000
S S t h e permanent Improvement revolving fund and $75,000 for the per­
m anent improvem ent fund. The llrst-thrce-mentloned Issues were awarded
folnt'h /.i if ° o o Ili i o S
^ Chicago and Blodget & Co. of Boston at their
™>n?t„?i<i
3 19, - a basis of about 4 .0 4 % : and thc last-mentioned issue
i Y ” ?,-

S t i d037%
OtCher bIiUleCrkse wcCr e ’ °* Mlnneapo113 at 00'3:i“ a basl8 of
Estabrook & C o., C h ica go.-.199.2791 W m . R . Compton C o., St. L 98 30
A B Leaeh A r n % n —
Mlnn.Tr.Co., Minn.f $50,000 p k .9 9 .2 5
Minn I * T ? f V ? '\ n hCasr° - J 99-20
l 50,000 p k .99.
wm a "
------I A11 bidders offered accrued Int. In
p ‘ tr' n?.ni
? ° o ’ ChIca^ ° - 99 05 laddltlon to their bids.
e . n . Hollins & Sons also bid 99.319 for $75,060 bonds.

townshln*ha
3TifitYd tH! P* Dnion County, No. Caro.— Bonds Voted.— This
township lias voted to Issue railroad-aid bonds.
& ,T Y GRADED SCHOOL DISTRICT (P. O. Moreheail

cefvodl u n tlf*8 ^nC<mn^fi* No. Car.— Bond offerin g .— Proposals will be rePhnir
t f nnA iPJ10 20 b Y the Board of Trustees, W . E . Ilenden,
Chairman, for $6 000 6% coup, building bonds.
$ 1K
C
f f y at NeW Y ° rk ' MaturIty 25 Years. Certified check for
'^h 'teside County, III,— Bond Offering.— Proposals will be
i!
5 p, - m - June 22 by A . It. Balril, Clerk, for thc $9,000 5% coup.
BaseJSt paving bonds voted on Sept. 12 1910 (V . 91, p. 744.)
y

J u n e 17 m i . |

D cnom . $500. Date Oct. 1 1010. Int. ann. at the Treasurer’s office.
Due $1,000 A pr. 1 1915 and $2,000 yly . A pr. 1 1916 to 1919 incl. Cert,
check for 5% o f bonds bid for, payable to the Treasurer, required.
MT. PLEASANT, Isabella County, Atich.— Bonds R ef u s e d II. W . Noble
& Co. o f Detroit Inform us that, acting upon the advice of their attorneys,
they have refused to accept an Issue of $8,000 st. bds. recently awarded them
MT. PLEASANT, Titus County Tex.— Bonds Voted.— The question of
Issuing $16,000 5% 30-ycar sewer bonds received a vote of 118 to 19 at an
election held June 12. Int. seml-ann.
MT. STERLING. Montgomery County, Ky.— Bonds Voted.— A favorable
vote was cast June 9, It Is stated, on the question of Issuing $15,000 school
bonds. V ote was 165 votes “ for” to 12 “ against.”
N EW B ER R Y, Luce County, Mich.— Bonds Defeated.— 'The election held
recently resulted In the defeat of the proposition to Issue the $11,500 powerplant bonds. (V . 92, p. 1585.)
■“ NEW HAMPSHIRE (State) .— Bond Offering.— Proposals will be received
until 12 m. June 27 by Solon A . Carter, State Treasurer, at Concord, for
$250,000 3 ^ % highway bonds, according to reports, Denom. $500 and
$1,000. Date July 1 1911. Int. J. & J. Due $50,000 yrly. July 1 1917
to 1921 incl. Bonds are tax-exem pt.

NEW HAVEN TOWNSHIP (P. O. New Haven), Huron County, Ohio.—

Bond Offering.— Proposals will be received until 12 m . July 5 b y the B d. or
Trustees tor $11,500 5% cou p, hlgh-way Imp. bonds. A uth. Sec. 6976 to
7018, Title IV ., Chap. 3, Gen. Code. Denom. $500. Date July 6 1911.
Int. J. & J. at People's Nat. Bank at Plym outh. Due $1,500 July 0 1921
and $2,000 yearly July 6 1922 to 1926, Incl. Checks must be uncondlttonal. Bonds to be delivered and paid for within 10 days from time of
award. Cert, check on a bank other than the one making the bid for .>%
o f bonds bid for, payable to the Treas., required. Purch. to pay accrued
Int.
f**NEW LONDON, New London County, Conn — Bond Sale.— On June 15
$20,000 3 H % bonds due Dec. 1 1931, were awarded to Merrill, Oldham &
Co. of Boston at 92.57. Following are the bids:
Merrill, Oldham & Co., Boston.92.57 Hayden, Stone & C o., B osto n -9 1 .31
Blodget & C o., B oston ________ 91.11
Adam s & C o., B oston __ . . . 92.17
Estabrook & C o., B oston ------- 91.08
Curtis & Sanger, B oston ______ 92.15
E . II. Hollins & Sons, B oston .92.096 Lee, HIgginson & C o., B oston.91.03
Perry, Coffin & Burr, B o sto n .91.539,
,
^
,
The above are not new bonds but securities held b y the Sinking Fund as
an Investment.
NEWMAN TOW N SHIP HIGH SCHOOL DISTRICT (P . O. N ewm an),
Douglas C ounty, III.— No Action Yet Taken.— No action has yet been taken
looking towards the Issuance of the $20,000 school-building bonds voted
on Feb. 18. V . 92, p. 616.
NEW PORT, R. I .— Temporary Loan.— Dispatches state that a loan of
$60,000 due Sept. 5 1911 was negotiated on June 15 with the Aquldneck
National Bank of Newport at 3.25% discount.
NEW M A R K E T SCHOOL DISTRICT (P. O. New M arket), Taylor
County Iow a .— Bonds Defeated.— An election held recently resulted In
the defeat of $2,000 school bonds.
NEW PLYMOUTH SCHOOL DISTRICT NO. 18 (P. 0 . New P lym outh),
Canyon C ounty, Idaho.— Bond Sale.— On May 26 57,500 5% 10-20-yr .
(opt.) bldg. bds. were awarded to the State Land Board at par. Denom .
$500. Date May 26 1911. In t. J. & J.
NEW PORT, Campbell County, K y .— Bonds Authorized .— An ordinance
has been passed providing for the Issuance o f $37,000 4 % refund, bridge
bonds. Denom . $500.
NEWPORT Giles County, V a.— Bond Election.— On June 24 a vo te will
be taken on a proposition to Issue $150,000 clectrlc-llght-plant bonds.
NEW ROCHELLE, W estchester C ounty, N. Y.— Bond Offering.— The
total amount of bds. to be offered for sale at 8:15 p . m. June 20 is $149,500.
T hey will be Issued for the following purposes: $58,000 for public Imp’ ts,
$87 000 (not $89,000 as at first reported) for a court-house and police-sta­
tion'and $1,500 for a school. The $87,000 Issue matures $4,000 yearly on
May 1 from 1920 to 1940, Incl., and $3,000 on May 1 1941. In t., which
will, at request of registered holder, be remitted by mall In N. Y . exchange,
Is payable semi-annually at City Treasurer’s office. For other details of
bds. and terms of ottering see V. 92, p. 1585.
NICH O LASVILLE, Jessamine C ounty, K y .— Bonds Defeated.— The
election held on April 25 resulted in the defeat of the $15,000 building
bonds mentioned In V . 92, p. 1134.
NILES, Trumbull C ounty. O h io — Bond O fferin g— Proposalsi will be
received until 2 p. in. June 23 by H. Thom as, A u d ., for $2,500 4 'A % streetlm pt. (city’s portion) bonds. A uth. Sec. 3,939 Gen. Code. Denom . $->00.
Date June 15 1911. Int. seml-ann. Due June 15 1920. Bonds to be de­
livered and paid for within 10 days from tim e of award. Cert, check on a
bank In Niles for 2% of am ount bid for, payable to Treas., required. Pur­
chaser to pay accrued Interest.
NORTH BEND, Coos C ounty. Ore.— Bond Offering.— Proposals will be
received until 8 p. m . July 11 by the Finance Comm ittee, J. A . W ard,
Chairman, L . F . Falkcnsteln and Edgar McDaniel, for the $35,000 gold
funding bonds at not exceeding 6% Int. V . 92, p. 1453. Denom . $100 to
$1,000. Date day of Issuance. In t. semi-annually In North Bend. Due
20 years. Cert, check for 2 A % of bid, payable to the City Treasure, Is
required.
NORTH TA R R Y T O W N , N. Y .— Loan Authorized.— Keports state a pro­
position to raise $10,000 for an additional school-site was voted at an
lection held June 13.
NORTH Y A K IM A . Yakima C ounty. W ash.— Bond Election.— This city
on July 1 will vote upon a proposition to issue $300,000 water-plant ana
$50,000 drain, bond s.
.
N O R W A LK TO W N SH IP. Huron County Ohio.— Bond Offer.— ^Pro­
posals will be received until 12 m . June 26 b y the Board of Trustees,
A nthony March, Clerk, for $5,000 5?S highway bonds.
Auth Sec 3295, 3939-3915 of Gen. Code. Denom. $500. Int. J. & D.
at Township Treasurer’s office. Due $500 each six months from. Jan. 1
1912 to July 1 1916 Incl. Bonds to be delivered and paid for within 10
days from date of award. Cert, check for 10% o f bonds bid for, payable
to the Township Treasurer, required.
NOTTINGHAM. Cuyahoga County. Ohio.— Bond Offering.— Proposals
will be received until 12 m . July 1 by J. C. Steinlcke, Village Clerk, for
$12,544 20 4
water-assessment bonds.
„
, „
„
„
,
Denom. $500 & $544 20. Date June 1 1911. I n t .M .& N . Due N ov. 1
as follows:
2 bonds in 1912 I 2 bonds in 1915 I 2 bonds In 1918 I 3 bonds In 1920
2 bonds In 1913
3 bonds in 1916 3 bonds In 1919 | 3 bonds In 1921
3 bonds in 1914 | 2 bonds in 1917 |
I
,
„
Bonds to be delivered and paid for within 10 days from time o f award.
Cert, check for 5% of bonds bid for, payable to the Village Treasurer, re­
quired. Purchaser to pay accrued Int.
O A K L E Y (P .O .C in cin n a ti).O h io.— Bond Sale.— On June 3 the $1,767 84
Elder A vc. and $3,655 50 Linden A v c. 5% 1-10-yr. (ser.) lm pt. assess, bds.
described In V . 92, p. 1269, were awarded to the Provident Savings Bank ft
Trust Co. in Cin. for $5,614 78 (103.529) and int.— a basis of about 4.274% .
Other bids received follow:
Premium.
Premium.
Seasongood ft Mayer, Cln
$156 66 First N at. B k., N orw ood------ $59 98
W ell, R oth <Sc Co., Cincinnati. 72 7 5 1Oakley Bank. O akley.............. 46 39
OCEAN C IT Y , Cape May C ounty, N. J .— Bonds Authorized.— T he City
Council has passed an ordinance on first reading providing for the Issuance
o f $50,008 funding bonds.
O’ FALLON SCHOOL DISTRICT NO. 92 (P. O. O 'Fallon). St. Clair
County III.— Bond Sale.— On June 5 the $18,000 o% 1 0H -y r. (av.) school
bds. (V . 92, p. 1516) were awarded to II. T . Holtz ft Co. of Chicago at
104.827— a basis of about 4.4 2 1% . Following are the bids:
H . T . Holtz & Co., C h ica g o.-$18,869 Belleville S av. Bk., B ellev ..$ 1 8 ,4 00
A . B . Leach & C o., C h ica g o.. 18,729 R . C. B. M athcny, Sp’ g f’ ld . . 18,397
H arrisT r. & Sav. Bk.. ChIcagol8,698 Farson, Sons & C o., C hicago. 18,377
Coffin & Crawford, C h loag o.. 18,652 W m . R . Compton ft C o.,S t.L . 18,375
Mercantile Trust C o., St. L ._ 18,600 Thos. J. Bolger C o., C hicago. 18,370
E . H. Hollins & Sons, Chicago 18,599 S. A . Kean & C o., C h ica g o .. 18,278
H anchett Bond C o., C hicago. 18,567 Little & Hays In v. C o .,S t.L . 18,242
Cutter, May ft Co., C hicago. 18,558 John Nuveen & C o., Chlo____ 18,218
A . G. Edwards A S on s, St. L . 18,441 Ulcn ft C o., C h ica g o ............... 18,191
W ell, Hoth ft C o.. C n lo ig o .. 18,405 Whitaker & C o.. S t. L o u is .. 18,113
Francis, B ro. ft C o., St. L _ . 18,405




16.57

T H E C H R O N IC L E
OAKDALE

IRRIGATION

DISTRICT

(P. O. Oakdale).

Stanislaus

County, Cal.— Bond Offering.— Proposals will be received until 4 p. m.
June 19 by M. P . Kearney, S ec., for $1,600,000 5% gold cou p, irrlg. system
bds. Denom. $500. Date July 1 1910. Int. ann. in Oakdale. Due 1931
to 1940. Bds. are exem pt from taxation In California.
ORLEANS COUNTY (P. O. Albion), N. Y .— Bond Offering.— C. R. Saw­
yer, Treas., will on June 20 sell $38,000 4 H % road bds. Int. F eb. 10 at
the Citizens’ N at. Bank of Albion (In N . Y . exchange if desired). Due
$19,000 Feb. 10 in 1916 and 1917.
ORRVILLE, Wayne County, Ohio.— Bond Offering.— Proposals will be
received until 12 m. June 30 by F. E . W olfe, Village Clerk, for the following
4 H % street bonds, aggregating $56,900:
$4,000 Mohican A ve. bds. Denom . $400. Due $400 yrly. July 1 1912
to 1921 incl.
5.000 Elm St. bds. Denom. $500. Due $500 y rly. July 1 1912 to 1921 incl.
16 300 Oak St. bds. Denom. $1,630. Due $1,630 yrly.July 1 1912 to ’ 21 Incl.
20,000 Vine St. bds. D enom .$1,000. Due $2,000 yrly. July 1 1912 to ’ 21 incl.
11,600 Village St. bds. Denom. $1,000 & $600. Due July 1 1916.
Auth. Sec. 100 of Municipal Code. Date July 1 1911. Int. J . & J .
Bonds to be delivered and paid for within 10 days from tim e o f award.
Cert, check for 2% of bonds bid for, payable to the Village Treasurer, re­
quired. Purchaser to pay accrued Int.
PARKMAN IRRIGATION DISTRICT (P. O. Sheridan), Sheridan
County. W yo.— Bonds Not Sold.— On June 5 the $150,000 6% cou p , first

mtge. bonds (V. 92, p. 1454) were not sold. W e are advised that these
securities will be soid at private sale.
PASADENA. Los Angeles County. Cal — Bond Offering.— Proposals will
be received until 9 a. m . July 5 for the following 4
20J4-yr. (aver.)
bonds, it Is stated.
$23,000 city-hall bds. Denom . $575.
18.000 Arc-apparatus bds. Denom. $200 & $250.

PAYNESVILLE INDEPENDENT SCHOOL DISTRICT (P .O . Payncs-

ville), Stearns County, Minn.— Bond S aif.— T he State of Minnesota has
purchased an Issue of $28,000 4% 20-yr. b ldg, bonds voted on June 3.
V ote was 128 to 15.
4
PEKIN SCHOOL DISTRICT (P. 0 . Pekin). Tazewell County. 111.— Bond
Election.— An election will be held on June 27, reports state, to vote on a
proposition to Issue $100,000 bldg, bonds at not exceeding 5% int. Denom.
$1,000. Int. annual. Due $ 5,000 yrly. from 1 to 20 years Inclusive.
PERRY, Houston County. Ga.— Bond Election.— On July 1 a vote will be
taken on a proposition to Issue $6,000 5% 10-yr. clectric-llght bonds.
PETTIS COUNTY (P. 0 . Sedalia), Mo.— Bonds Defeated.— The election
held on May 16, It is reported, resulted In a vote of 1,798 “ fo r " to 2,981
"against” the proposition to Issue the $350,000 road bonds m entioned in
V . 92, p. 1269.
PHILADELPHIA, Pa .— Bond Sale.— On June 12 the $2,300,000 4%
30-yr. cou p, or rcg. loan (V. 92, p. 1516) were sold to the following at an
average price of 101.341 & int.— a basis of abou t 3.9 2 4% :
E . W . Clark & Co. and J. & W . Sellgman & C o .
$1,758,000 at 101.26
R . L. D ay & C o., New Y o r k ----------- ------------------

j

Harris, Forbes ft C o., New Y o r k ---------------------------Sullivan Bros. & C o . ---------------------------------------------Theodore A . T a ck _______________________________
Thom as J. Jcttrles------------Howard M. Sw ab.
Barncs & L olland.

----------------------------

100.000
100.000
50.000
25.000
25.000
25.000
25.000
20.000
20.000
10.000
2.000
5.000
5.000
5.000
5.000
5.000
5,000

at
at
at
at
at
at
at
at
at
at
at
at
at
at
at

101.53
101.27
101.29
102.01
101.76
101.51
102.00
102.00
101.50
102.25
102
102.0941
101.9825
101.7593
101.3168

Mary E . Sprankle___________________________________
W . Judson S pran kle. - ____________________________
at 102.00
Eliza O t t o . . ________
____________________________
5,000 at 101.88
O tto H . M allery____________________________________
5,000 at 101.76
The bonds were over-subscribed nearly four and one-half times, the bids
received aggregating $9,977,000 and ranging from par to 102 M •
E W Clark ft Co. and J. ft W . Sellgman ft Co. bid for the entire issue,
and Harris, Forbes & Co. offered 101.29 for $50,000, 101.14 for $100,000,
00.81 for $100,000, 100.55 for $100,000 and 100.31 for $150,000.
Other im portant bidders were: A . B. Leach & C o., all or none at 100.779;
Drexel & Co. and Brown Bros. & C o., all or none at 101.039; R . L . Day &
Co. and Estabrook ft C o., $100,000 at 101.78; $100,000 at 101.53, $100,000
at 101.27, $200,000 at 101.09, $200,000 at 100.88, $200,000 at 100.68 and
$200,000 at 100.53; Northern Trust C o.. $50,000 at 101.185; W . N. Color
ft C o., $50,000 at 101; William A . Foster, $50,000 at 101.18; John Sailer
$50,000 at 100; Frank H . Morse, $25,000 at 101, and Kurtz B ros., $25,000
at 101.
PHILADELPHIA, Pa.— Loan Authorized.— W e see it stated that the
Councils on June 8 passed an ordinance authorizing the Mayor to negotiate
$9,750,000 of the $11,500,000 loan voted on May 23. V . 92, p. 1454.
PITTSBURO COUNTY (P. O. McAlester). Okla.— Bond Election P ro­
posed.— This county Is considering the question of holding an election to
vote on a proposition to issue $150,000 court-house-construction bonds
It is stated.

PLAINVILLE SCHOOL DISTRICT NO. 69 (P. O. Plainville), Rooks
County, Kans.— Bond Offering.— Proposals will be received until July 1 by

W . T . dasc, Sec’ y. Bd. of E d ., for $24,800 5% cou p. bldg. bds. Denom. $500
and $200. Date July 1 1911. I n t . J . & J . Due $5,000 Jan. 1921 to 1924
Incl. and $4,800 Jan. 1925. Bonds are exem pt from taxation. Cert, check
for Yt of 1 % , payable to S ec’ y . B d. of E d ., required. Bonded debt $4,50«.
Assessed va l. 1910 $1,305,462.
PLEASANT RIDGE. Hamilton County. Ohio.— Bond E le c tio n .-A vote
will be taken July 26, It is reported, on a proposition to issue $20,000
sewer bonds.
PONTIAC, Oakland County. Mich.— Bond Sale.— The $100,000 4 A %
5-24-yr. (ser.) lm pt. and ref. bds. (V . 92. p. 1586) were awarded on June 12
to II. W . Noble ft Co. of Detroit and Otis & Hough o f Cleveland at their
jo in t bid of 103.30 and Int.— a basis of about 4 .2 0 % . The bids received
E . H . Rollins ft Sons. C hlc_$103,0701First N at. Bank, D e tro it-- .$102,206
S. A . Kean ft C o.. Chic__ 102,600 Harris T r. & Sav. B k., Chic. 101,580
Farson, Son ft C o., C h i c .. . 102,237 |Cont. Securities C o., N. Y ._ 101,333
PORTERSVILLE, Tulare County, Cal .— Bond Election.— An election wil
be held July 3 to vote on the question of Issuing $40,000 water and $15,000
street bonds. It Is stated.
PORTLAND, Ore.— Bonds Voted.— Propositions to Issue the following
bonds carried at an election held June 5:
$200,000 munlclpal-Jail. V ote 7,257 " f o r ” to 2,681 “ against."
600,000 publlc-audltorlum . V ote 6,156 " f o r ” to 4,461 “ against.
75,000 municipal-garbage -collection-system . V ote 6,645 " fo r to 4,312
Bonds Defeated^— A t the same election the following bonds were defeated:
$1,400,000 South Portland bridge. V ote 5,019 “ fo r" to 5,387 "against.
250,000 to purchase Council Crest. V o t e 3 ,163 “ for” to 7,517 "against.
1,000,000 m unlclpal-pavlng-plant. V . 92, p. 980. V ote 3.271 " f o r ” to
6,184 "again st”
PORT TOWNSEND, Jefferson County. Wash.— Bond Sale.— The $75,000
ref. bd's. dated July 1 1911 and offered on June 2 (V. 92, p . 1454) were
awarded to W ell, R oth ft Co. o f Chicago at 100.40 ft Int. for 5 H s. The
following bids were received:
W ell, Roth & Co., Chic (a$75,300 00 S ec.S av.B k.& T r.C o.,T ol.£$76.432 50
1 £77,515 00 R . A . Kean & C o., C h ic .. £ 76,200 00
Cutter, May & C o., C hic. .a 7 5 ,155 00 John Nuveen ft C o., C hlc.£75,750 00
S. A . Kean ft C o.. C h ic ...£ 7 6 ,6 5 0 00 New First N at. B k., C ol. .*75.675 00
Carsten ft Earles, Seattle.x75,410
a For 5 H % bds. x For 6% bds.
PORT W A S H IN G T O N , Ozankee County, W is .— Bond Sale.— On June 6
the $35,000 8 1-5-yr. (aver.) cou p, sewer bonds (V . 92, p. 1517), were
awarded to N . W . Halsey ft Co. of Chicago for $35,190 (100.542) &_lnt.
for 4 >Ss.
PO T TAW A TO M IE C O U N TY (P. 0 . Tecum seh), Okla.— Bonds Authorized.
— The County Commissioners have authorized the issuanoe^of _$59,000
funding bonds, according to reports.
^

1658

T H E C H R O N IC L E

PRESCOTT SCHOOL DISTRICT (P. O. Prescott), Walla Walla County.

Wash.—BonUs Voted.— It Is stated that the proposition to issue the $35,000
school bonds (V . 92, p . 903), was favorably voted upon at an election
held June 3.
PROCTOR, St. Louis County. Minn.— Bond Election.— Papers state that
the Village Council has decided to call an election to allow the voters to
determine whether or not $25,000 sewer bonds shall be Issued.
PUTNAM COUNTY (P. O. Unionville), Mo.— Bond Election Proposed.—
This cou nty. It is stated. Is considering the holding of an election to vote on
$8,000 hospital bonds.
PUTNAM COUNTY, N. Y.— Bond Offering.— Proposals will be received
until 12 m . June 30 b y E . D . Stannard, Treasurer (P . O. Brewster), for
$30,000 4 X % bldg. bds. Int. F. & A . at the Treasurer’s office or the First
National Bank in Brewster. Due S2.000 yearly on A u g. 1 from 1917 to
1931 incl. Cert, check for 2% o f issue required.
The official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.
QUAKER CITY, Guernsey County, Ohio.— Bond Offering.— Proposals
will be received until 12 m . June 24 by 11. S. Ilay , Clerk, for $2,083 50
Pike St. and $993 40 Senecavtlle S t. 5% lm pt. assess, bonds.
A uth. Sec. 3914 of General Code. Denom . $208 35 and $99 34. Date
May 15 1911. Interest annual. Maturity 1-10 yearly on Sept. 1 from
1912 to 1921, Incl. Purchaser to pay accrued Interest.
QUEENSBURY (Town)

UNION FREE SCHOOL DISTRICT NO. 1

( V o l . LX X X X I I

S H A R P SV IL L E , Mercer County, Pa.— Bond Sale.— On June 6 the $14,­
000 5% 10-30-yr. (opt.) sewer bds. (V . 92. p. 1195) were sold. It is stated,
to the First National Bank of Sharon at 103.11.
D enom . of $1,000. Date June 1 1911. Int. J. & D . at B oro. Treas.
urer’s office.
Due June 1 1941, op t. after June 1 1921.
Paym ent
of prin. & Int. of said bonds shall be made without deduction of any United
States, State, cou nty or municipal tax or taxes which the said Boro m ay be
required to pay, deduct or retain therefrom under any present or future law,
the Boro agreeing to pay all such taxes. Present Indebtedness $21,500.
Assessed va l. $1,812,470.
SHERMAN, Grayson County, Texas.— Description o f Bonds.— The three
Issues of bonds voted on iMarch 10 (V . 92, p. 754) answer the follow ing
description.
$20,000 water-works-system bonds.
5.000 5% street-im provem ent bonds. Interest semi-annual.
7.000 5% school-building and Improvement bonds. Interest semi-annual.
Denomination $500. Date July 1 1911. Interest .payable at the
National Park Bank In New York City. M aturity one bond of each Issuo
yearly. These securities will be advertised for sale, wo are Informed, In
he near future.
SHREWSBURY, York County, Pa.— Bonds Refused.— A cting upon the
advice of their attorney, C. C. Frick & Co. of York hav.e refused to accept
an Issue of $12,000 4% water bds. awarded them on May 25 at par & Int.
They Inform us that “ a serious Irregularity" was discovered In the prelimi­
nary proceedings, but that the borough declined to hold another election
after amending the proceedings. D enom . $100. Date July 1 1911. Int.
J. & J. Due July 1 1941, part being optional in 1926, 1931 and 1936.
The bonds have been re-awarded to the Shrewsbury Sav. Inst, at par & Int.

P. O. Glens Falls), WarrenCounty, N. Y.— Bond Offering.— The Board of
E d u c., C. E . Bullard, Clerk, will offer at public auction at 10 a. m. June 20
SILVERTON SCHOOL DISTRICT No. 1 (P. O. Silvcrton), Briscoe
an issue of $15,000 5% bldg, bonds. A uth. Sect. 480 E d. Law & Chap. 140
Laws of 1910. Denom. $500. Date July 1 1911. Int. J. & D. at the County, Tex.— Bonds Not Sold.— No sale has yet been made of the $25,900
Glens Falls Trust Co. Due $7,500 Dec. 1 1924 and 1925. Bonded debt, 5% 30-40-yr. (o p t.), cou p. bldg. bds. offered but not sold on April 1.
(V . 92, p. 1059.)
Incl. above, $91,000. Assessed val. 1911 $5,292,980.
SIOUX FALLS, Minnehaha County, So. Dak.— Bond Election.— An
RANDOLPH COUNTY (P. O. Cuthbert), Ga.— Bond Election Proposed.
— Steps are being taken. It Is said, to request the County Commissioners to election will be held on June 27 to vote on the question of issuing $100,000
call an election to vote on the question of issuing $200,000 highway-im prove­ water bonds.
ment bdnds.
SMITHFIELD, Johnston County, No. Car.— Bond Offering.— Proposals
READING, Middlesex County, Mass.— Temporary Loan.— A loan o f will be received until 12 m. July 3 (to be opened 9 a. m . July 5) by J. A .
W ellons, Mayor, for $55,000 5% cou p, bonds.
$150,000 due May 20 1912 has been awarded, according to reports, to
Denom.
$500. Int. J. & J. Due Jan. 1 1941. Cert, check for 5% of
E stabrook & Co. of Boston at 3.58% discount.
bid required. Purchaser to furnish blank bonds. Legality of issue passed
READING (P. O. Cincinnati), Ohio.— Bond Election.— The election wl
upon
b
y
Caldwell,
Masslich & Reed of N. Y . City, whose opinion will be
be held July 3, according to reports, to vote on the question of Issuing th
given to buyer.
$20,000 seweragc-system -construction bonds mentioned In V . 92, p. 546
SNAKE RIVER IRRIGATION DISTRICT. Malheur County. Ore.— BidREDONDO. Cal.— Bond Election.— On June 24 an election will be held
All bids received on May 30 for the $325,000 6% cou p, bds
to vote on the question o f Issuing $75,000 5% school bds. In denom . of Refected.—
described In V. 92, p. 1455, were rejected.
$1,000, according to reports.
SPARTA,
Monroe County, W is.— Bond Sale.— E . II. Rollins & Sons of
RED SPRINGS, Robeson County, No. Caro.— Bond Offering.— Proposals
were recently awarded an Issue of $15,000 5% 11-yr. (aver.) water
will be received until 11 a. m. July 11 at the M ayor’s office for $35,000 Chic,
bonds at 105.21 & int.— a basis of about 4 .4 0 % .
water & sewer im p. bds. at not exceeding 5 J4% Int. These bds. were pre­
viously offered on April 27 (V . 92, p. 903.) Denom. $500. Date June 1
SPENCER. Rowan County, No. Car.—Bond Offering.— Proposals will bo
1911.
Int. J. & D. Due 30 yrs. Cert, check for $500, payable to the received until July 1 by the Mayor and Board of Aldermen for $50,000 water
bonds. D. Fulk Is Clerk.
T ow n Treas., required. A . B. Pearsall Is Chmn. B d. of Public W orks.
SPENCER COUNTY (P. O. Rockport), Ind.— Bond Sale.— On June 10
REVERE, Suffolk County, Mass.-—Note Sale.— On June 12 the $9,889
4 % notes (V . 92, p. 1587) were awarded to C. D. Parker & Co. o f Boston the $3,515 4 J^% W etzel road bonds were awarded to Allen Gentry at par
a t 105.18 & Int. A bid of 100.05 was also received from Adam s & Co. of and the $7,135 4 H % Mason road bonds were awarded to Richard & Agnew,
contractors, at par. (V . 92, p. 1587). Date May 15 1911.
B oston. Due part yrly. from 1912 to 1916 incl.
SPRINGFIELD, Clark County, Ohio.— Bond Offering.— Proposals will
RICHMOND INDEPENDENT SCHOOL DISTRICT (P. O. Richmond),
Fort Bend County, Texas.— Bond Election Proposed.— A petition Is being be received until 8 p .m . June 27 b y William H . Mahoney, Clerk of Council,
circulated calling for an election to vote on the question of Issuing $20,000 for $59,000 5% cou p. W est Main St. lm pt. assess, bonds.
Dcnom lnatlon$5,900. DateM arch 11911. Interest payable M .& S .a t
school bonds, according to reports.
the City Treasurer’s office. M aturity $5,900 yearly from 1912 to 1921,
RICHVVOOD, Union County, Ohio.— Bond Sale.— On June 3 the $25,000 Inclusive.
Bonds to be delivered and paid for within 10 days from "d a te
Blagrove St. and $5,000 6 K -y r . (av.) Clinton S t. \
Imp. bds. (V . 92,
p. 1454) were awarded to Barto, S cott & Co. o f Columbus at 102.02. Fol­ of sale.” Certlllcd check for 5% o f bonds bid for Is required.
Bonds
Authorized.—
Ordinances have been passed providing for the Issu­
lowing are the bids:
ance of the following street lm pt. bonds:
$25,000
$5,000
$6,293 88 4>$% cou p, (city’s port.) bonds. Denom. $1,000 & $1,293 88.
Due Mar. 1 1915.
Barto, S cott & C o., Columbus______________________ $25,505 00
$5,101 00
1,661 30 5% Belm ont A ve . assess, bonds. A u th ., Sec. 3914 Gen. Code.
Security Savings Bank & Trust C o., T oled o_________ 25,471 50
5,075 50
Due 1 to 5 years Incl.
First National Bank, Cleveland....................................... 25,404 50
5,059 50
8,000 00 5% Sheridan A ve. sewer assess, bonds. A u th ., Sec. 3914 Gen.
New First National Bank, Colum bus________________ 25,359 00
5,073 00
„
.
Code. Due 1 to 5 years Incl.
Tlllotson & W olcott Co., Cleveland_________________ 25,312 50
5,061 50
Date Mar. 1 1911. Int. M. & S. at City Treasurer’s office.
W eil, R oth & C o., Cincinnati........................................... 25,257 50
5,038 50
SPOKANE, Wash.— Bond Sale.— The $415,000 20-yr. gold cou p, bridge
ROBERTA, Crawford County, Ga.— Bond Sale.— On June 8 the $5,000 bonds
p. 1393) were sold on June 15 to W m . A . Read & Co. of
5% imp. bds. voted on April 3 (V . 92, p. 1058) were awarded to J. L . Fogg, Chicago(Vat. 92,
102.035. The other bidders were:
o f Barnesvlllc, at 101. D enom . $100. Int. ann. on June 1.
Union T r. & Sav. B k., Spok-101.78 IMerrill, Oldham & Co., B ost-101.18
ROBERTSON COUNTY (P. O. Franklin), T e x — Bond Election.— Papers E. II. Rollins & Sons, D en ver.101.778 Harris Tr. & Sav. B k., C h ic .100.825
state that an election will be held soon to vote on the question o f Issuing C. E . Denison & C o., C Ieve.-101.29 W m . R . Compton C o.lC hio . 100.632
$100,000 public-highway bds.
Thos. J. Bolger Co., C h icago.101.219 A . B. Leach & C o., J
J. D. Findlay, Spokane_____ 100.50
ROCK ISLAND INDEPENDENT SCHOOL DISTRICT NO. 33 (P. O.
Rock Island), Colorado County, Texas.— Bond Offering.— Proposals will be
SP R IN G F IE LD P LE A SU R E
D RIVEW AY AND
PARK
D ISTRICT
received until 4 p .m . June 24 by J. W . Simmons, Sec’y . Bd. of Trustees, for ( P . O . S p r i n g f i e l d ) , S a n g a m o n C o u n t y , III.— Bond Offering.— Proposals
$10,000 5% 5-40-yr. (opt.) bldg. bds. Cert, check for $500 required.
will be received until 4 p. m. July 1 by the 13d. of Trustees for the $40,000
ROCKY MOUNT, Franklin County, Va.— Bonds Voted.— The question 4 % cou p. Mildred Park bds. voted on May 16 (V . 92, p. 1455). Denom.
o f Issuing $50,000 5 H % water & light bonds carried by a vote o f 77 to 12 $500. Date Sept. 1 1911. Int. payable at the DIst. Treas. office. Duo
$2,000 yrly. for 20 yrs. Cert, check for $500 required.
at an election held June 14.
ROCKY SCHOOL DISTRICT (P. O. Rocky). Washita County, O k la .-

Bond Sale.— This district has sold $1 6,000 hlgn-sch. bonds recently voted.

ROSS COUNTY (P. O. Chillicothc). Ohio.— Bond Offering.— Proposals
will be received until 12 m. June 30 by R obert D. A lexander, A ud., for
$37,000 4 % Paint Creek bridge bds. A uth. Sect. 2,434 Gen. Code. Denom.
$1,000. Date June 15 1911. Int. J & D In Chillicothc. Due June 15 1936,
o p t. $2,000 yrly. beginning June 15 1916. Bonds to be paid for within 5
days from time of award. Cert, check for 2% of bds. bid for, payable to
A uditor, required. Purchaser to pay accrued interest.
ROSS VALLEY (P. O. Ross), Marin County, Cal.— Bonds Voted.— Papers
state that the voters recently authorized the issuance of $30,000 park bds.
RUSH TOWNSHIP SCHOOL DISTRICT (P. O. Rushtown), Scioto
County, Ohio.— Bond Sale.— On May 18 the $2,000 5% bldg. bds. (V. 92,

p. 1332) were awarded to Hayden, Miller & Co. of Clcve. at 101.55. De­
nom . $500. Date May 18 1911. Int. M. & N . Due 1913 to 1916.
ST. VINCENT. Kittson County, Minn.— Bond Sale.— An Issueof $4,000
st.-lightlng bds. has been disposed of to the State of Minnesota.

ST. JOSEPH TOWNSHIP, Alich.— Bond Election.— On June 24 an elec­
tion will be held to vote on a proposition to Issue $5,000j ’oad bds., accord­
ing to reports.
ST. LOUIS, Mo.— Bond Election.— The election to vote on a supple­
mentary bridge bond Issue of $2,250,000 (V . 92, p. 278) will be held N ov. 7.
SABINA SCHOOL DISTRICT (P. O. Sabina). Clinton County. Ohio.—

Bond Sale.— On June 12 the $12,000 4 H % <i'A-yr. (aver.) cou p, tax-free
bds. (V. 92, p. 1587) were awarded. It Is stated, to the First N at. Bank In
Cleveland at 102.2925— a basis of about 4 .0 9 % .
First N at. B k., C leveland.$l2,275 10 Hayden, Miller & Co. ,Clev.$12,233 35
D a y t.S a v.A T r.C o.,D a y t. 12,263 50 Otis & Hough, C levelan d . 12,221 00
S ec.S av.B k.A T r.C o.,Tol_ 12,251 50 W ell, R oth & C o., C ln .- - 12.221 00
First Nat. Bank, S abina. 12,250 00 Davls-Bertram C o., CIn.s 12,216 00
Seasongood & Mayer, Cln. 12,245 00 New First Nat. B k., C o l.. 12,203 00
R ud . K leybolte Co.,Inc.,Cln.12,240 00 |Stacy & Braun, T oledo - - 12,108 60

SANDUSKY TOWNSHIP SCHOOL DISTRICT NO. 3, Richland County,
Ohio.— Bond Offering.— Proposals will be received until 12 m . July 8 for

$18,000 4 y2% cou p, road-im pt. bds. Denom. $500. Date July 1 1911.
In t. M. & S ., at T w p . Clerk's office or Babst Banking House In Crestline.
Due $500 each six m os. from March 1 1912 to Sept. 1 1929 incl. Bds. to be
dcllve ed within 10 days from time of award. Bids must be unconditional.
Cert, check for $100, payable to Tw p. Treas., required. Purchaser to pay
accrued Int. W . A . Cassel Is Clerk.

S P R I N G F I E L D SC H O O L D I S T R I C T (P . O . Spring field ). Clark C o u n t y ,
O h i o . — N o Bonds Sold.— The Clerk Bd. of Ed. Informs us that there is no

truth In the reports that an Issue o f bds. has been awarded to H ayden,
Miller & Co. of Cleve. V . 92, p. 1587.
SUNBURY

SCHOOL

D ISTR IC T

(P .

O.

S u nbury),

D elaw are C o u n t y ,

O h i o . — Bond Sale.— On June 12 the $11,000 4 K % 2-23-yr. (ser.) cou p,
school bonds (V . 02, p. 1588) were awarded to H ayden. Miller & Co. of
Cleveland at 103.75— a basis of about 4 .1 1 4% . The following bids w e r o
received:
Hayden,Miller & Co., C lc v .$ ll,412 SOIFarmers’ Bank, S u n b u r y . $11,264 53
New First Nat. B k .,C o L - 11,339 00 S tacy & Braun, T o le d o .. 11,166 66
W eil, R oth & C o., C l n ... 11,303 00|Scasongood & Mayer, C ln. 11,132 00
T A Y L O R , W i l l i a m s o n C o u n t y , T e x . — Bond Election.— The City Councl
has decided to call an election on June 30 to ascertain whether or not the
voters are In favor of issuing $16,000 5% bldg. A site bds. Denom. $500.
Int. J. & J. Due one bond yrly. beginning July 1 1912.
T A Y L O R . W i l l i a m s o n C o u n t y , T e x a s . — Bond Election.— An election wil l
be held In this city June 30, according to reports, to vote on the question o f
Issuing $16,000 school-building and $4,000 crem atory 5% 40-year bonds.
T E A G U E , F r e e s t o n e C o u n t y , T e x a s . — Bond Election.— An election will bo
held June 29, according to reports, to vote on the question of issuing $30,000
street & bridge Improvement bonds.
.........................................................
T E A G U E I N D E P E N D E N T S C H O O L D I S T R I C T ( P . O . T e a g u e ) , F ree ­
s t o n e C o u n t y , I e x a s . — Bond Sale.— The State School Fund was awarded a t
par & I nt . on June 10 $10,000 5% 40-yr. bonds.
T H E R M O P O L I S , F r e m o n t C o u n t y , W y o .— Bond Offering.— Proposals
will be received until 8 p. m July 17 by W . J. Sisk, Town Clerk, for $20,000
6% gold cou p, sewer bonds. Denom. $1,000. Date A ug. 1 1911. Int
ann. on Jan. 1. Due 20 years, o p t. after 10 years.
...................................
T I T U S V I L L E , B r e v a r d County, F la . — Bond Offering.— Additional details
are at hand relative to the offering on June 24 of the $20,000 5% gold cou p,
water bonds described in V. 9 „, p. 1136. Proposals for these bonds will be
received until .3 p. m. on that day by I). R . W ilson, Mayor.
A uthority, Section 3 6 . Chapter 6108, Acts of 1909, Laws of Florida.
Denomination
Date June 24 1911. Interest semi-annually at
the Indian River State Bank in Titusville. Maturity 30 years. Bonds arc
exem pt from all taxation. Certified check for $200, payable to J. P, W il­
son, City Ireasurer, Is required. Bonded debt at present, $3,500. No
floating debt. Assessed valuation. $150,956. The legality of this Issuo
has been approved by Storey, Thorndyke, Palmer & Dodge of Boston. ■
T I T U S V I L L E J ^ H O O L D IS T R IC T (P. O . Titusville), C r aw for d C o u n ty ,
Pa.—
. j, . ™ lotson * VVolcott Co. of Clcve. was awarded at

SAN FRANCISCO, Cal.— Bonds Awarded in P a rt.— A ccording to San
Francisco papers of June 4, $106,000 of the $1,125,000 4>$% cou p, water
bds. offered on April 17 have been sold.

102.3435 In April the $100,000 1J$% 14 H -yr. (av.) bldg. bds. refused by
Parson, Son & Co. of New York (V . 92, p. 1195).

SAUK CENTER, Stearns County, Minn,— Bond Election.— A vote will be
taken June 23, It is stated, on the question of Issuing $30,000’sch. bldg. bds.

W a s h .— D01} d£
An election held June 3 Is said to have resulted
In a vote of 84 ror to 6 "against” a proposition to Issue $13,000 bldg.
Imp. bds.
....................................................
TOW N SEN D. B r o a d w a t e r C o u n t y , M o n t . — Bond Offering.— G. Fatter,
meyer. M ayor, will offer at public auction at 8 p. m. July 1 an Issue of $35,
000 6% cou p, water bds. A uth. Title I I I ., Part IV ., R ev. Codes o f 1907

P^SENECA FALLS, Seneca County, N. Y.— Bond Election.— A ccording to

reports, an election will be held on June 27 to vote on the question of issuing
$81,000,'pavIng-bonds. ■ D enom . $1,000.
......................tri




D I S T R I C T (P . O. T op p cn lsh ), Yakim a C ounty .

June

T H E C H R O N IC L E

17 1 9 1 1 .]

Denom. $500. Date July 1 1911. Int. J. & J. at the Tow n Trcas. office
or, at the op t. o f the holder, at some bank In New York City to be desig­
nated by the Trcas. Due July 1 1931: op t. after July 1 1921. Bonds are
exem pt from all taxation. Cert, check for $500, payable to the Mayor,
required.
T R A C Y S C H O O L D I S T R I C T . Sa n J o a q u i n C o u n t y . C a l . — Bond Sale.—
W e learn that $36,000 5% bonds were awarded on June 5 to Jas. H .
Adam s & Co. of L os. Angeles for $37,131, or 103.141.
The follow ing bids were also received:
Bank of Tracy, T racy, Cal.$37,090 80 |G. G. B lym ycr & C o., S.F.$36,778 00
E . II. Rollins & Sons, S.F. 36,920 0 0 1C .E.W oodslde & Co.,L.Ang. 36,720 00
Purcell,Gray & Gale_____ 36,825 00| W m .R.Staats & Co., L.Ang. 36,536 00
Denom . $1,000. Date June 1 1911. I n t .J . & D. Due 2 an n . within 18 yrs.
T R E N T O N , N . J . — Bond Offering.— Proposals will be received until 2
p . m . June 26 b y H . E . Evans, City Treasurer, for the following 4 % rcg. or
cou p, bonds (V . 92, p . 1059 and 1455.)
$63,200 10-yr. str. bds. Cert, check for $1,200 required.
45,000 30-yr. park bonds. Cert, check for $1,000 required.
Denom . $100 or multiples thereof. Date July 1 1911. I n t .J . & J. Bids
must be made on each Issue separately and cert, check drawn on a national
bank and m ade payable to City Treasurer.
The official notice o f this bond offering will be found among the advertise­
ments elsewhere in this department.
Bonds Authorised.— An ordinance has been passed providing for the Issu­
ance of $10,000 4 % 30-yr. sewage-disposal-plant bds. Denom. $100 or
multiples thereof. Int. semi-annual.
T R E N T O N S C H O O L D I S T R I C T (P . O. T r e n t o n ) , Butler C o u n t y , O hio —

Bonds Not Sold.— A letter received by us on June 9 stated that no award
was made of $5,000 4 % bldg, bonds offered on A pril 29.
T R O Y , N. Y . — Bonds Authorized.— An ordinance was passed May 18,
It is stated, providing for $350,000 school bonds.
T U L S A , T u l s a C o u n t y , O k l a . — Bonds Proposed.— A t a m eeting o f the
advisory com m ittee of the Tulsa Commercial Club and the members of the
City Commission held May 9, the question o f Issuing $400,000 Impt. bonds
was discussed.
T U L S A C O U N T Y <P. O . T u l s a ) . O k l a . — Bond Election Proposed.— Papers
state that It Is proposed to petition the C ounty Commissioners to create a
good-roads district and also to call an election to vote on $600,000 bonds to
im prove same.
T U R T L E C R E E K , A l l e g h e n y C o u n t y . P a . — B o n d Election Proposed.—
I t Is proposed b y this borough to hold an election for the purpose of voting
on a proposition to Issue $145,000 4 )4 % general Im provem ent bonds.
TYNNOCHEE T O W N SH IP

(P . O.

M cC utchcnville). W y a n d o t C ounty.

O h i o . — Bond Sale.— On June 13 the $9,000 4 ^ % 8-yr. (aver.) cou p, roadImpt. bonds (V . 92, p. 1588) were awarded t o the First N at. Bank of
Cleveland at 102.472 and Int.— a basis of abou t 4 H % U N I O N V I L L E , P u t n a m C o u n t y , M o . — Bonds Defeated.— The election
held May 8 resulted In the defeat o f the question of Issuing $24,000 sewersystem bonds, according to reports. The vote was 131 “ fo r " to 162 "a g st.’ ’
U P L A N D , S a n B e r n a r d i n o C o u n t y , C a l . — Bond Election.—A vote will be
aken to-d ay (June 17) it Is stated,, on a proposition to issue $2,500 5%
school bonds.

1059

UPPER SA N D U SK Y . W yandot C ountv, O hio.— Bonds Authorized.—
An ordinance was passed on M ay 15 providing for the Issuance o f $12,000
5% cou p, sewer bonds.
Denomination $500. Date July 1 1911. Interest semi-annual. Ma­
turity $6,000 on April 1 and O ct. 1 In 1920.
W ABASH COUNTY (P . O. W abash ), Ind.— Bond Sales.— The $70,400
5% cou p, gravel-road bds. have been sold to Canover & T abor of Wabash
at par. Denom . $760 and $1,000. Date M ay 16 1910. Int. M. & N .
Due part each six months up to N ov. 1930.
Miller, Adams & Co. of Indianapolis have been awarded at par $30,800
5% gravel-road bds. Denom. $760. Date May 16 1910. Int. M. & N .
Due part each six months to 1930.
W A P A K O N ETA , Auglaize C ounty, Ohio.— Bond Sale.— On June 5
the 414% 1-10-yr. (ser.) cou p. str. im pt. assess bds. (V . 92, p . 1518) were
awarded at 102.07— a basis o f about 4 .0 7 6 % , as follows:
$29,000 Mechanic S t. bds. to the Auglaize N at. Bank In W apakoneta lor
$29,601 10.
8,500 Park & Main Sts. bonds to the New First N at. Bank In Col. for
$8,676.
Other bids follow:
$29,000
$8,500
issue.
issue.
$8,632 50
Peoples’ N at. B k., W apakoneta___________________ $29,518 50
Seasongood & Mayer, Cincinnati................................... 29,502 00
8,637 00
W ell, R oth & C o., Cincinnati....... ......................
29,493 50
8,632 00
First N at. Bank .W apakoneta..........................
29,437 508,628 25
Provident Sav. Bank & Trust Co., C in cin n a ti........... 29,420 50
8,623 25
W A R R O A D , Roseau C ounty, Minn.— Bonds Voted.— An election held
May 31 resulted in a vote of 65 to 1 in favor o f a proposition to issue $7,000
6% 15-yr. fund. bds.
W A R S A W , W yom ing County, N. Y .— Bond Sale.— On June 12 the $8,000
1-8-yr. (ser.) theatre-purchase bds. (V . 92, p. 1588) were awarded to John
J. Hart of Albany at 100.0475 & Int for 4J4s. Other bids follow:
Geo. M. Hahn, New York (for 4.90s)— $8,000 Int. and blank bds.
Adam s & C o., New York (for 4.90s)— $8,014.
Myron W . Greene, Rochester (for 5s)— $8,048.
W yom ing Co. N at. Bank, W arsaw (for 5s)— $8,000 & Int.
Denom . $1,000. Int. ann. at the W yom ing Co. N at. Bank In W arsaw.
W ATERTOW N . Jefferson C ounty, N. Y .— Bonds Defeated.— An election
held June 5 resulted In a vote of 167 “ fo r” to 402 “ against” a proposition to
Issue $30,000 4 )4 % 30-yr. school bonds.
W EBB C IT Y , Jasper County. Mo .— Bond Offering.— Proposals will be
received until 6 p. m. July 3 by L. O. Walker, City Clerk, for $8,000 5%
10-20-year fund. bds. Cert, check for $200 required.
W E L E E T K A . Okfuskee County. Okla.— Bond Offering.— Proposals will
be received until 12 m. July 1 b y the Board o f Trustees for $10,500 elec-light
and $32,000 water-works 6% cou p, bonds voted April 18 (V . 92, p.
1196.)
Date May 1 1911. In t. M. & N. The elec.-light bonds are due May 1
1931 and the water bonds May 1 1936. Cert, check for 2% o f bonds bid
for Is required. W . M. Bell Is Chairman of Light & W ater Comm ission.
W ELLM AN SCHOOL DISTRICT (P . O. W ellm an). W ashington C ounty,
Iow a.— Bond Offering.—P roposals will be received until 6 p. in. June 20
by C. C. Gardner, T ow n Treas., for $30,000 cou p . bldg. bds. Denom.
$1,000. Date July 1 1911. Int. J. & J. at W ellm an. Due 20 yrs.; op t.
after 10 yrs. No debt at present.

NEW LOANS

NEW LOANS

$ 1 2 5 ,0 0 0

SALE OF CITY OF LOUISVILLE
FOUR AND A HALF PER CENT GOLD BONDS
OFFIC E OF T H E COM M ISSIONERS OF T H E S IN K IN G F U N D ,
City Hall A nnex, Louisville, K y „ June 15th, 1911.
FO R S A L E — So m any o f the bonds of the City of Louisville as m ay be necessary to refund and
pay off the principal of $300,000 00 of bonds o f the C ity of Louisville, known as Old Liability Bonds,
one thousand dollars each, dated April 14th, 1886, due August 1st, 1911.
The bonds which are to be Issued are to be dated August 1st, 1911, styled and known as “ City of
Louisville Refunding Gold Bonds, Eleventh Issue,” due and payable August 1st, 1921. Said bonds
are to be of the denom ination of one thousand dollars each, bearing Interest at the rate of four and a
half per centum per annum, payable semi-annually on the first days of February and August of each
year, principal and Interest payable In gold coin of the United States of the present standard of weight
and fineness, at the First National Bank of the City o f New York In the State o f New Y ork. These
bonds arc Issued b y virtue of an ordinance of the General Council o f the City of Louisville, approved
June 5th, 1911, and published, as by law required, on ‘ June 6th, 1911: arc exem pt from any and all
form s of taxation for municipal purposes b y the City of Louisville, b y reason o f any present or future
law or laws of said City, and under authority of an A ct o f the General A ssem bly of the Commonwealth
o f K entucky for the governm ent of cities of the first class In the State of K entucky, approved March
22d, 1902, being Section 3010 of the Kentucky Statutes.
Sealed proposals will be received b y the Commissioners of the Sinking Fund of the City o f Louis­
ville until 12 o'clock m. on Monday, July 10th, 1911, at the office o f the Commissioners of the Sink­
ing Fund, Louisville, K y ., for the purchase of the whole or any number o f aforesaid bonds. Pro­
posals must be upon blanks furnished b y the Commissioners of the Sinking Fund, scaled and addressed
to the “ Commissioners of the Sinking Fund of the City of Louisville,” City Hall A nnex, Louisville, and
marked “ Proposals for B onds.”
The Commissioners of the Sinking Fund o f the City o f Louisville reserve the right to reject
all bids, or to accept the whole or any part o f a bid for the bonds proposed to be purchased b y any
bidder. No proposal will be considered, unless accom panied b y a certified check on a national bank
or State bank doing business In the City of Louisville, payable to the order o f the “ Commissioners of
the Sinking Fund of the “ City of Louisville” for tw o per centum of the face value o f the whole number
of bonds proposed to be purchased b y such bidder. Checks will be returned to the unsuccessful
bidders.
Bonds will be ready for delivery In the City o f Louisville at the O ffice o f the Commissioners of
the Sinking Fund as soon as the allotments arc made to the successful bidder or bidders.
A failure to deposit a certified check In full paym ent of the amount o f bonds bid for and allotted
to any bidder, on five days’ notice that same are ready for delivery, m ay be, at the option of the
Commissioners of the Sinking Fund, considered as a cancellation o f the bid.
The am ount of the check accom panying the bid will be held for the paym ent of any expense,
loss or damage caused by reason o f the failure to pay for said bonds to the extent o f any such expense,
loss or damage Incurred.
JAM ES B . B R O W N . President.
J. M. T E R R Y , Treasurer & Secretary.

L. F. DOMMERICH & CO.
NEW YORK
General Offices, 57 Greene Street

^ G E N ^ ^ nT

CARRY NO GOODS FOR OWN ACCOUNT




Established ove 60 Years

CITY HALL BUILDING BONDS
Public notice Is hereby given that the Mayor
and Council o f the City of H oboken will receive
proposals on

WEDNESDAY AFTERNOON, JUNE 28TH 1911.
at four o ’clock,
for the purchase of one hundred and twenty-five
thousand ($125,000) dollars bonds of the City of
H oboken, bearing Interest at the rate of four and
one-half per centum (4 M % ) per annum, payable
semi-annually on January first and July first
each year, and to run for a period o f twenty (20>
years from date o f Issue.
The above-m entioned bonds are Issued under
and by virtue of the provisions of aa A ct of the
Legislature of the State o f New Jersey, entitled
“ An A ct to enable cities In this State to extend,
alter, enlarge, furnish and equip city hall build­
ings." approved May 1 1911, and b y virtue of an
ordinance entitled " A n ordinance providing for
the extension, alteration and enlargement of
the City Hall building In the City of Hoboken
and the furnishing and equipment thereof, and
authorizing the Issuance o f bonds of said city
In the sum of one hundred and twenty-five thou­
sand ($125,000) dollars for such purposes.”
Said bonds to be coupon or registered bonds,
at the option of the bidder, o f such denomina­
tions not less than one thousand ($1,000) or more
than ten thousand ($10,000) dollars, as the bidder
m ay elect.
Bids to be addressed to the Mayor and Council
of the City of H oboken, and endorsed “ Proposals
for City Bonds,” and handed to the Clerk o f the
Board In open session when called for In the regu­
lar order of business relating to sealed proposals,
and shall be accom panied by a certified check
or cash In the sum o f two thousand five hundred
($2,500) dollars.
A ny further information relating to said bonds
can be obtained from the Comptroller at his office
In the City Hall, Hoboken, N. J.
The Mayor and Council reserve the right to
reject any or all bids if deemed In the Interest
of the city so to do.
B y order o f the Council.
•
JAMES H . L O N D R IG A N ,
City Clerk.

THE AMERICAN MFG. CO.

SOLICIT MERCANTILE ACCOUNTS TO FINANCE
DISCOUNT AND GUARANTEE SALES

CITY OF HOBOKEN, N. J.

OTHERS

MANILA, SISA L AN D JU TE

CORDAGE
65 Wall Street

New York

1660

T H E C H R O N IC L E

W E S T A L L I S , A l i l w a u k c o C o u n t y , VVis.— Bond Offering.— Proposals
will be received until June 26 by the Mayor and Finance Committee for
$5,000 5% water bds., according to reports. Denom. $500.
W E S T B R O O K , C u m b e r l a n d C o u n t y , /Me. — Bond Sale.— On June 15 the
$25,000 4% 15 H -yr. (av.) cou p. ref. bds. (V . 92, p. 1589) were awarded to
O’ Connor & Kahler of New York at 102.96— a basis of about 3 .7 4 7% .
W E S T S T . P A U L , M i n n . — Bond Offering.— Proposals will be received
until 8 p. m . June 21 for $7,000 5% bds. Denom. $1,000. Date July 1
1911. Due 10 yrs. Cert, check for 10% of bid required. M. P . Boege
Is City Clerk.
W E X F O R D C O U N T Y ( P . O . C a d i l l a c ) . M i c h . — Bond Sale.— On May .31
the $50,000 4% 1-10-yr. (ser.) cou p, court-house bds. (V . 92, p. 1455) were
awarded to the Harris Trust & Savings Bank of Chicago.
W H I T E R I V E R L E V E E D I S T R I C T , W o o d r u f f P r a ir ie
C o u n t i e s , A r k . — Bonds Offered by B ankers.— A . G. Edwards

and

M onroe

& Sons of St.
Louis are offering to Investors $75,000 6 % levee bonds. Denom. $500.
Date April 1 1911. Int. .1. & J. at the Merchants-Lacledc Nat. Bank In St.
Louis. Due on Jan. 1 as follows: $5,000 yrly. from 1919 to 1926 Incl., $7,000
In 1927 and 1928; $8,000 in 1929 and §13,000 In 1930.
Bond Elec­
tion.— An election will be held June 30 to vote oil the question of issuing
approxim ately $7,000 bridge bds. at not exceeding 5% int. Due $3,500
in 1 and 2 years.
W H ITTEM O RE,
Kossuth County,
I o w a . — Bond Sale.— The $7,000
coup, water bds. voted Dec. 21 1910 (V . 91. p. 1794) were awarded
to Geo. M. Bechtel & Co. of Davenport. Date April 1 1911. Int. A . & O.
Due $500 in 5 yrs: $500 every 2 yrs. thereafter.
W I C H I T A , K a n . — Bonds Authorized.— Ordinances have been passed
providing for the Issuance of the following 5% cou p, street-tmpt. bonds:
$642 38 Coolldge A v e. (city's portion) bonds. Denominations $500 and
5142 38. Maturity $142 38 June 1 1912 and $500 June l 1913.
6,570 09 Coolldge A ve. assessment bonds. Denomination $700 except
one bond of $270 09. M aturity $270 09 June 1 1912 and $700
yearly on June 1 from 1913 to 1921, Inclusive.
3,253 95 Hillside A ve. (city’s portion) bonds. Denomination $300 ex­
cept one bond of $553 95. Maturity $553 95 June 1 1912 and
$300 yearly on June 1 from 1913 to 1921, Inclusive.
16,554 18 Hillside A ve. assessment bonds. Denomination $1,000, except
one bond of $554 18. Maturity on June 1 as follows: $554 18 in
1912, 51,000 In 1913 and 1914, 52,000 yearly from 1915 to 1919,
Inclusive, $1,000 In 1920 and 52,000 in 1921.
$3,777 14 alley-improvem ent assessment bonds. Denomination $400, ex­
cept one bond of $177 14. Maturity $177 14 June 1 1912 and
$400 yearly on June 1 from 1913 to 1921 Inclusive.
225 67 alley-im provem ent (city’s portion) bond due June 1 1913.
4,791 70 Thirteenth St. assessment bonds. Denomination $500, except
one bond of $291 70. Maturity $291 70 June 1 1912 and $500
yearly on June 1 from 1913 to 1921 Inclusive.
525 73 Thirteenth St. (city’s portion) bonds. Denominations $300 and
$225 73. Maturity $225 73 June 1 1912 and 5300 June 1 1913.
28,154 00 North Water St. assessment bonds. Denomination $1,0 00, ex­
cept one bond of $1,154. Maturity $1,154 June 1 1912 and $ 1,000
• • • • yearly on June 1 from 1913 to 1939, Inclusive.
2,134 91 North Water S t. (city’s portion) bonds. Denomination $200,
•
a/fi • except one bond of $334 91. Maturity $334 91 June 1 1912 and
r. ■ $200 yearly on June 1 from 1913 to 1921 inclsuive.
• Date June 1 1911. Interest semi-annual. •
W H I T E S T O W N (P . Q. V V h itesb oro). O n eid a C o u n t y , N. Y .—

[VO L. L X X X X I I .

Bonds Voted.— The proposition to Issue the $70,000 viaduct bonds mentio n e d in V. 92, p 1069, carried by a vote o f 3,919 to 719, at the election
held May 2 (not May 22 as at first reported.)
WILDWOOD, Cape May County, N. J.— N o Action Yet Taken.— The
Borough Clerk advises us that no action will be taken towards the issuance
of the $20,000 5% 20-year board-walk bonds, voted on Feb. 9 (V 92 p.
487). until fall'.

WILLIAMSON ( COUNTY (P . 0 . Georgetown), Texas.— Bonds Registered.
— On June 8 the State Comptroller registered $100,000 5% 10-40-vr (ont )
road District N o. 2 bonds.
WILLIAMSON COUNTY COMMON SCHOOL DISTRICT

Texas —

Bonds Registered.— The State Comptroller on May 15 registered $7 500 5%
10-20-year (optional) bonds.
’

W IL L M A R , Kandiyohi County, Minn.— Bond Sale.— On Mav 29 the
$40,000 20-vr. sewer bds. (V . 92, p. 1455) were awarded to Wells & Dickcv
Co. of Minn, at par for 4J£s.

WINFIELD INDEPENDENT SCHOOL DISTRICT (P. (). Winfield)
Titus County, Texas.— Bonds Registered and Sold.— On June 10 the State
School Fund was awarded at par & Int. the $8,000 5 1-40-yr. (opt.) bklg bds
( V .9 2 , p . 1137). These bonds were registered on June 9 by the State Com p.

WOODBURY, Gloucester C ounty, N. J .— Bond Election.— An election
will be held, It is stated, to vote on the question of Issuing $70,000 water bds.
WOOD COUNTY (P. O. Parkersburg), W. Va.— Bond Offering.— Pro­
posals will be received until 2 p. m. June 20 by County Commissioners for
$ 180,000 4 >^ % coup. Parkersburg Mae stcrlal District road bonds.
Denominations 170 bonds of $1,000 each, 15 bonds of $500 each and 25
bonds of $100 each. D a tcS ep t. 1 1911. Interest annually at the office of
the County Court. Due 30 years, subject to call after 20 years
Certified
check for 2% of bonds bid for, payable to W . Dudley, Clerk, Is required.
WOOD COUNTY COMMON SCHOOL DISTRICT NO. 51. T exas— Bond
Sale.— I he State School Fund was awarded at par & Int. on June 10 51 500
5% 10-20-yr. (opt.) bonds.
WOONSOCKET, R. I.— Bond Offering.— Proposals will be received until
June 29, It Is stated, for $250,000 4 % and $250,000 4 )4% funding bds.
Date June 1 1911. Due 30 yrs.
•
r>
SCHOOL DISTRICT (P. O. Xenia), Green County, Ohio.— No
Bond Offering.— W e are advised that there is no truth in the reports that
proposals would be received until May 9 for $25,000 4% school-building
bonds. V . 92, p. 1272.

YAKIMA COUNTY SCHOOL DISTRICT NO. 35. Wash. — Bond Sale.—
On June 10 the $1,000 coup. sell. bds. (V. 92, p. 1519) were awarded to the
State of Washington at par for 5 )4 % 1-10-yr. (opt.) bds. A bid of 101 for
“ /4. , 1T O bds. was also received from W m . D. Perkins & Co. of Seattle.
Both bidders offered to furnish blank bonds free.
mhY/^ t M AfCw U h 7 Y tSC H 00L DISTRICT NO. 94, W ash. — Bond Sale.—
lh e State of Washington was the successful bidder for the .518,000 cou p,
sch. bds. offered on June 10. V . 92, p. 1519 The m-lee nabi w ,s
„ ,i
blank bds. for 5% 1- 20-yr. (opt.) bd8P The other bFdderswero7
1
for 6 % d T o - ^ U^ p t ) abond^$18’ 038 f° r 5% 5- - ° - y r bonds and par
James N. Wright & Co., Denver— $18,036 for 5 )4% 10-20-yr (opt ) bds
Farson, Son & C o., Chicago— par and blank bonds for 6s.
’

NEW LOANS.

NEW LOANS

CITY OF TRENTON

$ 2 0 8 ,0 0 0 .0 0

$ 3 0 ,0 0 0

$63,200 STREET PA V IN G BONDS

BEXAR COUNTY,

Putnam County, New York,

& A % Court House Refunding Bonds

BONDS

$46,000 P A R K BONDS
Trenton, N . J ., June 10th, 1911.
Sealed proposals will be received at this office
until 2 o ’clock p. m ., Monday. June 26th, 1911,
for the purchase o f the whole o f $63,200 o f City of
Trenton. N. J ., ten-year four per cent semi-annual
registered or coupon Street Paving Bonds.
Also for the purchase of the whole o f $45,000
City of Trenton, N. J ., thirty-year four per cent
semi-annual registered or coupon Park Bonds.
Bonds will be dated July 1st, 1911, Street
Paving Bonds due July 1st, 1921. Park Bon s
due July 1 t, 1941, Issued In denom inations of
$100 or multiples thereof, and will not be sold
for less than par and accrued interest.
Each bidder will be required to bid on each Issue
separately, anil to enclose as evidence of good
faith, certillcd checks on a National Bank, pay­
able to the order of Harry E. Evans, City Treas­
urer, as follows:
For the Issue of $63,200 Street Paving Bonds
a check for $1,200.
For the Issue of $45,000 Park Bonds a check for
$1,000. (Separate Checks.)
Checks wlil be Immediately returned to un­
successful bidders.
The bonds will be awarded to the bidders whose
proposal will be m ost favorable to the city, but
The right Is reserved to reject any or all bids not
deemed for the Interest of the city.
Proposals to be sealed and addressed to
H . E . E VA N S,
City Treasurer.

MUNICIPAL AND RAILROAD

BONDS
LIST ON APPLICATION

S E A S 0N G 00D & MAYEP
Mercantile Library Building
CINCINNATI

Thomas J.

Bolger Co.

NEW

LOAN S.

Sealed bids will be received by the undersigned
up to 1 2 o ’clock noon, JUNE 30, 1911, for the
purchase of $30,000 County Building Bonds to be
Sealed bids will be received by the undersigned Issued by the County of Putnam, New York.
until 12 o’clock noon, ,MONDAY, JUNE 26TH,
Bonds will be payable $2,000 on the first day
1911, for the purchase of $208,000 4 'A% Coupon of August In each year from 1917 to 1931, both
Refunding Bonds of the denomination o f $1,000 Inclusive,and will bear Interest at four and oneeach, dated July 1st, 1911, maturing July 1st, quarter per cent, payable seml-aimualiy on the
1951, redeemable at the pleasure of Bexar County first days of February and August.
at any time after ten years from their date.
Principal and Interest payable at the office of
Interest payable semi-annually, on the tenth day the County Treasurer or at the First National
of April and the tenth day of October of each year. Bank, Brewster, N. Y .
These bonds will have the written approval of
All bids must be accom panied by a certified
the Attorney-General of the State of Texas, and check for two per cent of the total amount of the
their legality will be passed upon also by Messrs. Issue.
Dillon, Thom son & Clay, of New York City, and
The right Is reserved to reject any and all bids.
a cop y of their opinion will be furnished to the
Bonds will be delivered on August 1, 1911.
successful bidder, and they will be registered In
E D W A R D I). S T A N N A R D ,
the office of the State Comptroller of Texas.
County Treasurer of Putnam County.
They will be engraved under the supervision of
Brewster, N. Y ., June 13, 1911.
and certified as to their genuineness by the
United States Mortgage & Trust Company,
55 Cedar Street, New York, N. Y .
A certified check for two per cent of the amount
of the par value of the bonus bid for must accom ­
pany each bid, same to be returned to unsuccessful
bidders.
No bids will be received for less than the par
value and accrued Interest of the bonds bid for.
AUCTIONEERS.
The right to reject any or all bids Is hereby
reserved.
The bonds will be delivered to the purchaser
or purchasers on or before July 20th, 1911.
Bexar County has never defaulted in paym ent
OF
of obligations.
Any Information relative to said bonds will be
furnished by Frank R . Newton, County Clerk,
San Antonio, Texas.
P. II. SH OOK , County Judge,
Bexar County, Texas.
EVERY WEDNESDAY
(County Scat, San Antonio.)

\drian H . Muller & Son,
R e gu lar W eekly Sa le s

S T O C K S and BONDS

BLODGET & CO.

Office. No. 58 WILLfAM STREET.
Corner Pine Street.

BONDS
00 S T A T E S T R E E T , B O ST O N

E ST A B L ISH E D 1*85

M U N IC IP A L B O N D S

»0 P I N E ST R E ET , N E W YORK

Legal for Savings Banks,
Postal Savings and Trust Funds

H. C. SPEER & SONS CO.

STATE, C ITY & R A IL R O A D BONDS

First Nat. Bank Bldg,, Chicago
SC H O O L,

8END FOR LIST

19 South La Salle S t.,

C h a rles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
FIR ST N A TIO N A L B A N K B U ILD IN G
CHICAGO




COUNTY A N D

CHICAGO

H 0D E N P Y L , HARDY & CO.

M U N IC IP A L BONDS

F. W M. K R A F T

7 W all S t., Naw York

LAWYER

Railroad, Straat R y ., Gas & Else, Light

Specializing in Examination of

S E C U R IT IE S

Municipal and Corporation Bondi
1312 FIRST NATIONAL BANK BLDO..

OHIO AG O, IL L .

June

YOUNG COUNTY (P. O. Graham), Texas.— Bonds Resistered.— On
April 18 $20,000 5% 10-40-yr. (opt.) bridge bonds were registered by the
State Comptroller.
YOUNGSTOWN, Mahoning County, Ohio.— Bonds Authorized.—
Ordinances were passed on May 22 providing tor the Issuance of the following
5% coup. Improvement bonds.
$1 200 Bissell A ve. bonds. Denominations $500 and $200.
1^600 Fall-mount A ve. bonds. Denominations $500 and $100.
Interest semi-annual. Maturity O ct. 1 1913.

C a n a d a ,

its

P r o v in c e s

a n d

M u n ic ip a litie s .

ADAMSON SCHOOL DISTRICT No. 1885 (P. O. Foam Lake). Sask.—
Debenture Sale.— This district sold $2,000 5 )4 % 20-yr. sell, debentures on

May 26 to H . O'H ara & Co. of W innipeg at 99.50.
June 1 1911. Int. annual.

D enom . $100.

Date

ALBERTA & SASKATCHEWAN SCHOOL DISTRICTS.— Debenture
Sale.— During the month of May school debentures aggregating $ 2o,uuu
were purchased b y H . O’ Hara & Co. of T oron to.
6% Int. and are due in 10 annual Installments.

The securities carry

BALMORAL SCHOOL DISTRICT No. 292 (P. O. Red Deer), Alberta —
Debenture Sale.— The Alberta School Supply Co. of E dm onton was awarded

$3,000 5% 1-10-yr. (scr.) sell, debentures on May 7 at 98— a basis of about
5 .4 2 6% . Denom. $300. Date May 1 1911. Int. annual.
BERLIN, Ont.— Loans Voted and Defeated.— An election held May 31
Is said to have resulted in favor of loans of $15,000 for hospitals and $4,000
sewer, and In the defeat of loans of $7,400 to lay new car tracks and $ 20,000
for gas and electric extensions. See V . 92, p. 1333.
BRANDON, M a n — Debenture Sale.— It is reported that the Dominion
Sec. Corp., L td ., on June 2 was awarded the six Issues of o /o debentures
(V . 92, p. 1456) aggregating $119,422 80.
BLYTH, Ont.— Loan Election.— An election will be held June 27, accord­
ing to reports, to vote on a by-law to raise $5,000 tor Improvements.
CALGARY, Alberta.— New Loan.— It Is reported that only a small part
of the £414,700 ($2,018,138) 4 )4 % cou p, debentures offered in London
recently by the Bank of Montreal at 103 was subscribed for. Maturity
£88,700 Jan. I 1931 and £ 326,000 Jan. 1 1941. In t. J. & J . at the Bank of
Montreal In sterling, or at holder’s option, at the Hank of Montreal, Calgaiy,
T oron to or Montreal at par of exchange.
CANORA. Sask.— Loan Election.— Propositions to issue water-works and
electric-light debentures, to the amount of $100,000, will shortly be sub­
mitted to a vote of the people, according to reports.
CARDSTON. Alberta.— Loan Election.— A by-law will be submitted to
a vote In the near future, according to reports, providing fot a loan or
$27,000 to Install a water-works system .

CARDSTON SCHOOL DISTRICT, No. 457 C’ .O . Cardston) Alberta.—

Price Paid fo r Debentures. —The price paid for the $4,000 (> ,.> 10-instaii
ment debentures awarded on April 1 to Nay & James of Regina (V . 9 -, p.
984) was 101.175. Int. May 1.
CARLYLE, Sask.— Loan Authorized.— We arc advised that the election
May 15 was held sim ply to re-vote a by-law providing for a loan o f §17,000
In order that a technical Irregularity might be cured. V. 9 -, p. 1333.
CHATHAM, Ont.— Debenture Sale.— W ood, Gundy & Co. of Toron to
were awarded. It Is stated, $19,491 5% debentures.
BOND

1661

T H E C H R O N IC L E

17 1911.]

NEW

CALL.

C H IL L IW A C K , B. C.— Debenture Offering.— Proposals will be received
until 12 m. June 26 by E . J. Boorcher, City Clerk, for the $ 70,000 streetim pt., $21,000 city-hall, $10,000 street-grading-m achinery and $l0,ouu
surface-drain.-system 5% 40-yr. debentures mentioned In V . 92, p. 1334.
Date April 24 1911. Int. ann. at the Bank of Montreal In Chilliwack.
C H IP P E W A , Ont.— Loan Election.— A by-law providing for $11,000 to
construct a school will be submitted to a vote, it is stated, on June 23.
COMET SCHOOL DISTRICT No. 2598 (P . O. B ryceton), Sask.— Deben­
ture Sale.— The Western School Supply Co. of Regina purchased about
April 8 $300 6 )4 % debentures at par. Int. annual. Due part yearly on
O ct. 8 from 1912 to 1921 incl.
EAST KILDONAN SCHOOL DISTRICT No. 14, Man.— Debenture Elec­
tion.— A proposition to issue $13,000 6% 20-Installment debentures will be
submitted to a vote on July 8.
EDMONTON Alberta.— Loan Defeated.— An election held May 26 re­
sulted In defeat of the loan of $115,000 for stock-yards (V . 92, p . 1395).
The vote was 685 " fo r ” to 800 “ against.”
.
. m
Debenture Offering.— Proposals will be received until 3 p. m . June 19
by the City Commissioners for $1,730,100 debentures.
EDMONTON SCHOOL DISTRICT NO. 7 (P. O. E d m onton), A lta.—
Debenture Offering.— Proposals will be received until 12 m. June 21 by W . D .
Bradley Secretary-Treasurer, for $175,000 4 J4% coupon school debentures.
Interest annual. Maturity part yearly for 40 years.
ELORA Ont.— Loan Election.— It is stated that an election will be held
to vote on a by-law providing for a loan of $10,000 to assist the Elora
Furniture Co. in making additions to Its factory.
FORT W IL L IA M , Ont.— Loans Authorized.— Papers state that the
following loans have been authorized.
.. . . .
nnn
$38,000 to purchase property for enlarging city-hall site, $10o,000 to
llqiddate floating debt of the city; $8,500 for flre-proteetton; $9,800 to
purchase land for police station and court-house site.
f . i n s R v SCHOOI DISTRICT. Alta.— Debenture Sale.— An Issue of
$ 10,000 5 J4 % 20-y r .debentures hLs, It Is stated, been awarded to Nay &
Janies of Regina.
GALT Ont —Loan Voted.— It is stated that a by-law providing for a loan
of $25,000 for hydro-electric-extensions has been favorably voted upon by
the ratepayers.
GU ELPH . Ont.— Loan Authorized.— A by-law to loan $20,000 to the
Independent Tire Co. for 20 years at 4 )4 % Int. is said to have carried b y
a vote of 1,257 to 94 at a recent election.
H AMILTON, Ont.— Loan Election.— Papers state that an election will Ipe
held In the near future to vote on a by-law providing for a loan of $500,000
or a power and light distribution plant.
H A V F IO C K Ont.— Loan Authorized.— A ccording to reports, a by-law
was recently (Kissed providing for a loan of $9,000 for cem ent walks.
HERBERT Sask.— Loan Election Proposed.— It Is stated that an election
will be held in the near future to vote upon a by-law providing for a schoolhouse loan of $12,000.
KAM I OOPS B. C .— Loans Authorized.— Papers state that by-laws
providing for the following loans were favorably voteJ uiKm at a recent
election' $10,000 for sewers; $20,000 for lirc-apparatus, $30,000 for water
works and $5,000 for a scavenging system .
I FTH B RID G E . Alberta.— Debenture Sale.— On June 6 the seven Issues of
4 )4% cou p, debentures, aggregating $441,000 (V . 92, p. 1520) were awarded
to Hanson Bros, of Montreal at 98.15 and lilt. Other bids follow.
ACCOU N TANTS.

LOANS

$ 1 5 0 ,0 0 0

NOTICE OF REDEMPTION OF BONDS.

H A S K I N S

& S E L L S

Powell County, Montana

Dallas County, Alabama,

The Board o f Countg Commissioners o f Powell
■ Countg, Montana, to All Whom This Notice
■ M ay Concern, G R E E TIN G :
Notice Is hereby given that the Treasurer of
Powell County, Montana, will upon July 1st,
1911, redeem all bonds numbered from one (1)
to thirty-two (32), Inclusive, of the bond Issue
o f said County of July 1st, 1901. All holders
or owners of any of the aforesaid bonds are
required to present the same to the Treasurer
of said County upon July 1st, 1911, at his office
at Deer Lodge, in said County, for paym ent.
Upon presentation of the said bonds to the said
County Treasurer upon said day the same will be
redeemed and paid In full with interest due
thereon up to that date, but such bonds shall not
draw Interest on or after that date, and all owners
or holders of said bonds, or any thereof, are
hereby notified that Interest upon the same will
cease upon the date aforesaid.
A L B E R T BIEN ,
County Treasurer,
Powell County, Montana.
Dated May 19th, 1911.

ROAD BONDS

30 Broad Street, New York

Scaled bids will be received until eleven o ’clock
a. m . MONDAY, JULY 3, 1911, for $150,000 of
the good-road bonds of Dallas County, Alabama;
said bonds run for thirty years from July 1, 1910;
bear 5% interest, payable semi-annually, July 1
and January 1, In New York. Said bonds will be
of the denomination of $500; coupons on said
bonds to July 1, 1911, will be clipped from said
bonds. The right to reject any and all bids is
reserved.
•
• .
T ,
P H . P IT T S , Probate Judge,
•
.
Selma, A labam a. •

London. E . C ., 30 Coleman Street.
CHICAGO
C LE V E L A N D
Harris Trust Building
Williamson Building
S T . LOUIS
Third National Bank Building
P IT T S B U R G H
B A L T IM O R E
Farmers’ Bank Building
Equitable Building

T. W. STEPHENS & CO
BANKERS

2 W ALL STREET, NEW YORK.

INVESTMENT BONDS
Interest allowed on accounts
Individuals and Corporations
N A T IO N A L L IG H T ,
H E A T &, P O W E R C O M P A N Y
GUARANTEED

... .

BONDS

u

A. H. Bickmore & Co.,

Town of Milford, Conn.,
4% Coupon Bonds
The town of Milford, Conn., offer for sale
$50,000 4% coupon bonds. Denomination $1,000
each. Interest payable semi-annually. Bonds
due July 1 1936. For further particulars inquire
of
SAN F O R D H A W K IN S ,
Town Treasurer.

$ 3 0 ,0 0 0

N ew Y o rk

33 W A L L STREET
NOW YO R K




LYBRAIM D,
R O S S B R O S &.
M ONTGOM ERY
(Pennsylvania)

TARRYTOWN, N. Y.,

NEW YO R K ,
55
P H IL A D E L P H IA ,
Land
WATER BONDS
P IT T SB U R G H ,
Union
First National
Sealed proposals for $30,000 Installment water CH ICAGO,

bonds will be received by the undersigned until
E IG H T P. M., JUNE 21 1911, at the lowest rate
of Interest, not to exceed F IV E (5) P E R CENT
per annum.
_
_ ,
For further particulars address J. W yck off Cole,
Village Clerk, Tarrytow n. New York.

Liberty 8 t.
Title Bld|.
Bank Bldg.
Bank Bldg.

J A M E S P A R K & CO.
CERTIFIED PUBLIC ACCOUNTANTS

New York, Chicago, Cincinnati and
London, England.

AUDITORS
FOR
FINANCIAL INSTITU­
TIONS. INDUSTRIAL AND
MINING COMPANIES
Writ* for
Financial Statements,
Circular. Investigations. Periodical
Audits and Account'mg

VIUNICIPAL BONDS
tafMt Investment
known. Yield mg from

4 % to 6 %
ULEN & C O

.

CHICAGO

W E BUY
E n tir e T r a c t i o n

and T r w t C om p an y Stock?
N EW YO R K AND BROOKLYN

R. T. Wilson & Co.

AN NOUN CE T H E R E M O V A L O F
THEIR CHICAGO OFFICE
TO THE
HARRIS TRUST BUILDING
111 WEST MONROE STREET
SUITE 1117-1120
Telephone Number Unchanged—
Central 3080.

C e r tifie d P u b lic A c c o u n t a n t s

BANKERS

BANKERS
SO P i n a S t r e e t ,

$ 5 0 ,0 0 0

CERTIFIED PUBLIC ACCOUNTANTS

BOUGHT A N D SOLD

C LINTON

GILBERT

a W A L L ST .. n e w

YO R K .

P r o p e r t i e s In

P E N N S Y L V A N IA

G e o r g e B. A tle e & C o.
BANKERS

119 3. Fourth St.

Philadelphia

1662

T H E C H R O N IC L E

N ay & James, R egina_______ 08.01
Dorn. Sec. C orp., L td ., T o r ..96.84
W ood , Gundy & C o., T o r ___ 97.80
Dom . Bond C o., L td ., T o r ____95.75
Geo. A . Stimson & C o., T o r . . 97.50 Aemlllus Jarvis & C o., T or . 95 03
R oyal Sec. C orp., L td ., T o r . . 97.25 Brouse, Mitchell & C o., T o r .. . 95.00
Ontario Sec. C o., L td ., T o r ___97.247

MAIDSTONE, Sask.— Debenture Sale.— On May 1 the § 1 , 0 0 0 6 % deben­
tures mentioned in V. 92 p. 1062, were awarded to the National Finance

C o., Ltd ., ot Regina at 96.10. Due In 15 ann. Installments.
MONCTON, N. B.— Debentures Proposed.— Papers state that the Finance
Comm ittee has recommended the Council to Issue the §255,000 debentures
provided for b y legislation last year. Of this am ount §230,000 Is for a n e w
^ndesW^wan"syStCm am ^25,00° for fire-department, permanent streets

MOOSE JAW , Sask.— Loan Voted.— By-laws providing for the following
loans were favorably voted upon May 26, according to reports (see V. 92
P . 1uUDj l
'
*
§28,000 sidewalks, §35,000 elec, lights, $7,500 to pay c it y ’s portion of
ornam ental street-lights and $170,000 for permanent pavements.
MORTLACH, Sask.— Debenture Sale.— This village has awarded an issue
rep orts°°
15"y r ' debentures t0 Nay & James o f Regina, according to
MOUNTAIN, Oat.— Debenture Sale.—-Brent, N oxon & Co. of T oronto
were awarded, it Is reported, $12,942 80 5% 20-Installment debentures.
OTTAWA, Ont.— Loan Election.— A ccording to reports, an election will

be held shortly to vote on by-laws providing for the following loans- $60 000
to Increase the llre-pressure, §50,000 to construct a bridge and §150 000 tn
com plete the aqueduct.
OTTAWA SCHOOL DISTRICT. Ont.— Loan Voted.— We see It stated
that the electors have voted In favor of a by-law providing for a loan of
$73,500 for school purposes.
OXFORD COUNTY (P. O. W oodstock), Ont.— Debenture S ale — The
$36,000 5% 30-lnstallment road debentures olfcred on June 5 (V 9'>
p. 1520) were awarded on June 8 to C. H . Burgess & Co. ot T oronto at
105.702. The follow ing bids were received:
1
c
C. H . Burgess & C o.. T or.$38,053 00 Canadian Deb. C o., T o r . .§37 893 00
Brent, N oxon & C o., T o r . 38,031 00 Dom S ec.C orp ..L td ., T o r . 37’,750 00
Ontario Sec. C o., T oron to 38,017 00 II. O Hara & C o., Toron to 37,666 00
G. A . Stim son & C o., T o r . 37,970 00 Aemlllus Jarvis & C o., Tor 37,634 40
W o o d , Gundy & C o., T o r . 37,894 00 Campbell, Thom pson& Co.,
T o r o n to .-------- -------------- 37.020 00
PENETANGUISHENE, Ont.— Debenture Sale.— On June 6 the followingdebentures dated June 1 1911 (V. 92, p. 1519) were awarded to Brent,
N oxon & Co. of T oronto at 100.965 and Int:
$25,000 5% bonus debentures, payable in 20 annual installments.
27,000 4
hydro-electric power debentures, due part yrly. for 30 yrs.
The following bids were received:
Brent, N oxon & C o., T oron to $52,502 G. A . Stim son & C o., T o r _$52,170
Ont. Sec. C o., Ltd ., Toron to 52,407 II. O ’ Hara & C o., T o r o n t o .. 51,709
C. II. Burgess & C o., T oron to 52,397 Acmilius Jarvis & C o., T o r . . 50,971
W ood , Gundy & C o., Toron to 52,271
All bidders offered accrued int. in addition to their bids.

PICKERING TOWNSHIP SCHOOL DISTRICT No. 17 (P O Altona)
Ont

“ ;i th,uA 3 ’ °T
00
sch. debentures d fte d
June
. ________
_ .Y,".,?2!._P
_- I 4 o7) were sold to Levi Grove of A ltona at par.
The follow ing bids were received:

SIMON BORG & CO.

RADFORD LODGE SCHOOL. DISTRICT No. 2197 (P. O. Grandora),
worn h n n ^ Bh ^ i f a n ,~ r 0 n April 27 $200 6 % 20-yr. stable debentures
H R 6 annual t by F ’ B ’ Logan of Regina at 101.25. Date June i 1911.
Debenture Election.— On June 26 this city will subPfrnnf sann
b y-*aws providing for the Issuance of $3,000
street, $600 hospital, $7,000 sewer and $6,000 sidewalk debentures.

ST. PAUL SCHOOL DISTRICT No. 2223 (P. O. St Paul des Metis).

Alberta.— Debenture Sale.— We are advised that $1,000 6% Imp deben­
tures have been sold at 100.40. Int. ann. In May.
p
STAR CITY. Sask.— Debenture Sale.— On April 30 the $1,000 6% 10Instailmcnt cou p, village-hall-const, debentures (V . 92, p 1138) were
awarded to Nay & James of Regina at 97.75.
1
SUDBURY, Ont. ■Debentures Proposed.— This place, according to
-Ports-Q ls considering the Issuance of debentures aggregating $100,000 to
r ,iS!SVtAaNnnnAfK E ’ Man.— Debentures Voted.— It is stated that a by-law to
raise $8,000 for school purposes has been carried
TA VIST O C K , Ont .— Debentures Voted.— The voters. It Is said have
authorized $22,000 water debentures.
*
*
, T ^ A ' k - ' nV,A■-rLoa!} Authorized.— W e see it stated that a proposition to
borrow §„o,000 for schools was favorably voted upon recently

O n V -D ^ m n rV

kREDS AND GREENVILLE (P. O. Brockvillc)

bPV\rnes A
ffA7“ Pir opo.sal3 wIU be rccclvc:1 until 12 111. June 20
30 vr^-rfad iiehpPtnrnP’ vYardea- for,an unmatured portion o f $200,000 4 %
30-yr. road debentures. Date Dec. 15 1909. Int. J. & D.
VICTORIA, B. C.— Debentures Voted.— It Is stated that this eltv ins
SlsSfoO O.jghool

v « d iW a
W ALKERVILLE. Ont •— Debenture Election.— The voters of this muniel

F o f g X f K f t K . K S S S i0

u '■

tS ®

J . X O T V & ! , - watur-wwka^
be subm itted to the voters In the near future.
' c 13 3tated>
r
,Ma,b — New Loan.— Last month the Bank of Montreal In
London received subscriptions at par for £900,000 ($ 4,379 850) 4% con­
solidated registered stock. It Is understood that nnlw 9% / ki
1L0 con
subscribed for, the underwrlteS
. ^ T h e W f t a du
Par on or after March 1 1940, on giving six mos notice
Int
?o th
c sscrip,
Scd p Afi rin.
f l P *&iint.
S rW
n payable
nti W iat
w the
e j e pBank
t . gl of Montreal London
10
cnc
will be
DegatorhothcrdoffIces'w
hw eVthc
tSf stock
c Jchang?
at registered
thc Iianlcof
p
cs, or oiner oinoes where
may be
fnrMontreal, Wlnnlv»r»irwr
The stock will be registered and transferable by deed free of -damn iln t l at
the Bank of Montreal, London. The p roceed ^ of ffie ioan areTequ red to
pay for local Improvements and power works, police and fire protection
public parks, extension ot electrical equipment, and h o s p ita l! and other
civ ic purposes, including schools.
'
1*

7 W A LL ST R E ET , NEW Y O R K

Members a/ New York Stock Exchange

-

A,!^ iiP .r0TC’
----------$ 3,0001Brent. N oxon & C o., T oron to.$3 ,0 0 3
Aemlllus Jarvis & C o., lo ro n to 3,011 JW. A . Mackenzie & C o., T o r . 2,975

BA N K G RS T R U S T COMPANY

BANKERS

H e. 20 Nassau Street

[V O L . L X X X X U .

Capital, $3,000,000

Surplus and Profits, $6,900,000

New York

DIRECTORS
H IG H -G R A D E
INVESTM ENT SECURITIES

M U N IC IPAL

4 0/
' £
) 6%
)

R A IL R O A D
CORPORATION

BONDS

Selected for Conservative Investors.
Lists Mailed Upon Application.

Lawrence Barnum & Co.
BANKERS

fTEPHEN BAKER, President Bank ot the Manhattan
Co., New York.
iAMUEL Q. BAYNE, President Seaboard National
Bank, New York.
EDWIN M. Bl'LKLEY. Spencer Trask & Co., Bank­
ers, New York,
JAMES Q. CANNON. President Fourth National Bank,
New York.
EDMUND C. CONVERSE. President, New York.
THOS. DeWIlT CUYLER, President Commercial
Trust Co., Philadelphia.
HENRY P. DAVISON, J. P, Morgan & Co., Bankers,
N. Y.
8. HAYWARD FERRY, Vice-President Hanover Na­
tional Bank, New York.
WALTER E. FREW, President Corn Exchange
Bank, New York.
FREDERICK T. HASKELL, Vice-President Illinois
.
* SaMngs Bank, Chleage.
\. BARTON HEPBURN. Chairman of the Board,
-se/sS1? ? National Bank, New York.
THOMAS W. LAMONT, J. P. Mergandc Co. Bankers,
New York.

E.
r.
H.
H.

0. CONVERSE, President,
I. KENT, Vice-President.
W . DONOVAN, Treasurer
F. WILSON JR., Asst. Sec’y

17-19 PINE STREET NEW YORK
UUdelphla

Washington

EDGAR L. MARSTON, Blair & Co., Bankers, N. Y.
JOS. B. MARTINDALE, President Chemical Natloo
Bank, New York.
GATES W. M’QARRAH, President Mechanics aa
Metals National Bank, New York.
GEORGE W. PERKINS, New York.
DANIEL E. POMEROY, Vice-President, New York.
WILLIAM H. PORTER, J. P. Morgan & Co.,Bankers,
New York.
DANIEL Q. REID, Vice-President Liberty National
Bank, New York.
BENJ. STRONO JR., Vice-President, New York.
EDWARD F. SWINNEY, President First National
Bank, Kansas City.
GILBERT O. THORNE, Vice-President National Park
Bank, New York.
EDWARD TOWNSEND. President Importers’ & Trad­
ers’ National Bank, New York.
ALBERT H. WIGGIN, President Chase National
Bank, New York.
SAMUEL WOOLVERTON, President Gallatin National
Bank, New York.

B.
D.
F.
R.

STRONG JR., Vice-President.
E. POMEROY, Vice-President.
N. B. CLOSE, Secretary.
H. GILES, Asst. Treas.

Pittsburgh

READY ABOUT JULY 15

Tax-Exempt Guaranteed Stocks
PU BLIC SERVICE CORPORATION
to net 5% % .

Unbroken dividend record of 65 years.
R A IL R O A D CORPORATION

to net 4 M % .
Unbroken dividend record of 35 years.

W. E. H U T T O N

H a n d B o o k of S e c u ritie s .
Price of Single Copies . . .
To Subscribers of the Chronicle

C o m m e r c i a l Sc F i n a n c i a l C h r o n i c l e

Wall and Broad S t s ., New York.
Private wires to Cincinnati. Chicago. San
Francisco and Los Angeles.




76

The Hand-Book is issued to Bankers and Brokers with their cards
lettered in gilt on the outside cover (not less than 25 copies to one ad­
dress) at special rates.

& CO.

Members New York Stock Exchange.
Established 1886.

-

$1 0 0

Front
. .

Pine and Depeyster Streets,
NEW YORK,